Capi Money
Helping businesses in Africa pay their international suppliers
Mitch Riley, Founder
Scott Liddle, Founder
Tom Watson, Co-Founder & CTO
Hey everyone, we’re Capi Money and we help businesses in Africa pay their international suppliers. Importers in Africa pay up to 10% to settle international invoices and wait weeks for their payments to arrive. We’re giving businesses in Africa the same price and speed as we expect in the US and Europe.
We recently launched in Senegal 🇸🇳 and have booked over $1.5m of payments in our first two weeks. We’re launching Cameroon this month and are currently scoping out Egypt.
😫 The problem our first customer experienced
Two weeks ago Mitch and Scott (2/3 of the founding team) were in Senegal visiting our local agent-distributor, and onboarding our first customers: a bookshop and an industrial soap-maker.
The former imports books from Europe and sells them in Dakar. All their revenue is in local currency (XOF) but their supplier invoices are in Euros. They’ve struggled to pay these invoices as:
- Either the bank doesn’t have any Euros to sell them or if they can find Euros elsewhere (e.g. a broker), they pay 5%-10% in FX fees; and
- They have to wait weeks and sometimes months for payments to reach their suppliers, which risks their being cut off by their supplier for late payment.
We provide an alternative source of foreign currency by finding organisations that are sending money into Senegal and therefore want XOF and are willing to trade Euros for it. All of this happens behind the scenes and all they need to do is create the transaction in our online platform and send us the XOF, just like a US business using Wise or Payoneer.
👋 A bit about us
Mitch (right) and Scott (middle) met at Taptap Send, a remittance app that sends billions into Africa and Asia every year. There they were COO/CFO and CRO/CMO, and have spent a decade each working in emerging markets. Tom (left) is a 3rd-time founder having been co-founder and CTO at Hubble (a B2B marketplace) and P4SD (a web3 NFT company).
🙏 How you can help
Get in touch if you or anyone you know is:
- A business in Africa making regular international payments;
- An international exporter, selling goods or services into Africa;
- A business regularly sending funds into Africa (e.g. remittance firm, HR/payroll company)
You can either sign up to transact on our website (https://capimoney.com), or reach out to us at founders@capimoney.com
YC Sign Photo
