With the continuing stablecoin boom, three stablecoin linked startups announced funding rounds in the last couple of days: Africa’s Honeycoin, crypto on ramp Transak and B2B payments firm Riva.
Kenyan startup Honeycoin describes itself as a cross border web3 super app, targeting transfers in and out of Africa. After achieving a monthly run rate of $150 million in stablecoin payments, it has raised $4.9 million in funding, led by Flourish Ventures which is funded by Pierre Omidyar, the eBay founder. Visa Ventures and Stellar were amongst the other backers.
When Transak raised its $20 million Series A two years ago, which included traditional finance firms such as Japan’s SBI, Italian fund manager Azimut and UOB Venture Management, it described itself as a crypto on and off-ramp. It powers some high profile apps including UniSwap and Animoca Brands’ gaming applications. Now, in 2025, after processing $2 billion in cumulative payments, it has raised $16 million to expand its stablecoin payments stack. The funding was led by Tether and IDG Capital, with several others joining.
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