Stablecoin-powered travel payments startup Timon has announced its expansion to Kenya after surpassing 100,000 users across Africa.
The expansion comes after the company received backing from Alliance, a global accelerator for crypto startups. The investment will help Timon expand across Africa, strengthen its stablecoin infrastructure and accelerate the rollout of new products.
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Timon was founded by Tomi Ayorinde and Chizaram Ucheaga and enables users to fund digital wallets using local currencies, US dollar accounts or stablecoins. It also offers virtual and physical payment cards, cross-border transfers, local payouts and global eSIM services.
The startup is operational in 16 African countries with Kenya being one of its fastest growing markets, primarily driven by organic customer referrals. Timon also revealed that close to 70% of the wallet funding now comes from stablecoins.
The company plans to use the new funding to expand into additional African markets and introduce travel-focused services, including insurance, trip planning and enhanced global payment features.
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