Stagyl, a fintech startup born from Oxford University conversations, has launched with $2.7 million in pre-seed funding led by Konga. The company is building institutional-grade foreign exchange infrastructure designed to simplify liquidity access and accelerate settlement across African markets.

Co-founders Prince Nnamdi Ekeh, former Co-CEO of Konga Group, and Zachary Schwartzman teamed up with engineer Michael Anyi to tackle Africa’s fragmented FX system. In Nigeria alone, net FX inflows reached $6.92 billion in February 2026, yet institutions still juggle multiple banks and providers to source liquidity, a process plagued by delays and shifting rates.

Stabyl’s answer is a central limit order book (CLOB) where banks, payment service providers, and financial institutions can post and match FX orders instantly. “That entire process of having to make calls, hold transactions, figure out rates and do all this manual labour is completely removed,” Anyi explained.

Liquidity is pooled from participating institutions, with reserves maintained through selected partners to ensure stability. Settlement occurs across both fiat and blockchain rails: naira transactions are processed via KongaPay, while stablecoin settlements use DFNS wallet infrastructure. The platform currently supports USDT and USDC but remains blockchain-agnostic, selecting networks based on speed, cost, and client needs.

Unlike traditional FX businesses that profit from spreads, Stabyl charges a low take rate per transaction, encouraging higher volumes. Schwartzman stressed that the company’s goal is to grow liquidity rather than compete for market share: “We’re creating more dough to make this a bigger pie for everyone.”

The timing is strategic. Nigeria’s regulatory stance on digital assets has shifted positively since the Central Bank lifted its crypto ban in 2023, followed by the SEC’s incubation program for virtual asset providers. Stabyl is positioning itself as a compliant, foundational layer for Africa’s next generation of financial infrastructure.

Its first large-scale deployment comes through Konga, aligning with the e-commerce giant’s vision to be the “engine of trade and commerce in Africa.” Initially focused on the NGN/USD corridor, Stabyl plans to expand into other African currency pairs as approvals are secured.

With fresh capital, regulatory tailwinds, and a clear vision, Stabyl is setting out not just to participate in Africa’s FX market, but to redefine the rails on which the continent’s commerce will run.