Nigerian travel fintech, Timon, has expanded into Kenya after surpassing 100,000 users, alongside securing an undisclosed investment from crypto and Web3 accelerator, Alliance, as it bets on stablecoins to power cross-border travel payments across Africa.
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The company said most of its growth has come through referrals and word of mouth, with Kenya emerging as one of its fastest-growing markets. The country now joins Nigeria, Ghana and South Africa as Timon’s four priority markets.
“We don’t expand because the market looks attractive on paper,” co-founder Tomi Ayorinde said.
“We expand because customers are already there.”
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Founded in September 2024 by Ayorinde and Chizaram Ucheaga, Timon targets African travellers with a platform that enables global payments through a dollar card and digital wallet. Ayorinde previously founded Y Combinator-backed CrowdForce whose PayForce product was acquired by FairMoney in 2023 while Ucheaga previously founded fintech startup Clymb Technologies.
The startup has increasingly positioned itself as a stablecoin-powered travel payments platform after introducing wallet funding through stablecoins in response to customer demand.
“We’ve spent the last decade solving how money comes into Africa,” Ayorinde said.
“We think the next major opportunity is helping Africans take their money with them wherever they go.”
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Timon said nearly 70% of wallet funding on its platform now comes through stablecoins making the feature one of its fastest-growing products. The company cited growing demand from Africans seeking more efficient ways to move and spend money across borders.
According to the International Monetary Fund (IMF), Nigeria has accounted for around 60% of stablecoin inflows into Sub-Saharan Africa since 2019. Timon said the Alliance funding will be used to
- strengthen its stablecoin infrastructure,
- acquire new customers, and
- support further expansion
across the continent.
See also
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