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Stabyl emerges from stealth with $2.7 million Pre-Seed led by Konga
Stabyl, a foreign exchange liquidity exchange for financial institutions, has come out of stealth with a $2.7 million Pre-Seed round led by Konga.
By Propel Africa · 2026-06-26
Stabyl has emerged from stealth with a $2.7 million Pre-Seed round led by Konga, TechCabal reported on 26 June. Konga is also Stabyl's naira settlement partner, through KongaPay, and its first real-world test case.
What Stabyl does
Stabyl operates a liquidity exchange for financial institutions and payment service providers. It uses a central limit order book to match foreign exchange orders and aims for near-instant settlement across bank and blockchain rails. The company stresses that it is not a consumer app or a cross-border payments platform. The platform supports the USDT and USDC stablecoins and currently focuses on the NGN/USD corridor, with other African currency pairs to follow.
Founders and plans
The founders are Prince Nnamdi Ekeh, who was co-CEO of Konga Group at the time, Zachary Schwartzman and software engineer Michael Anyi. The funding will cover regulatory licensing, infrastructure build and compliance. Schwartzman said: "We're creating more dough to make this a bigger pie for everyone."
At a glance
- Company: Stabyl
- Raised: $2.7 million
- Round: Pre-Seed
- Lead: Konga
- Markets: Nigeria (NGN/USD corridor)
- Currencies supported: USDT, USDC