Ghana’s SecondSTAX Receives $1.6 Million to Promote Cross-Border Investment Flows
Ghanaian fintech, SecondSTAX, has raised $1.6 million in pre-seed funding to facilitate its mission of promoting Pan-African cross-border capital investments through financial technology.
Asides from broadening its reach, the fund will enable the startup to add more brilliant minds to its team and strengthen its technology by developing more features around clients’ demands.
Founded by Duke Lartey and Eugene Tawiah, who has garnered experience from Goldman Sachs and ran various consulting and tech jobs for firms in financial services and capital markets, SecondSTAX received the fund from private investors and venture capital firms, including LoftyInc Capital and STEMeIn.
Announcing its launch today, SecondSTAX is building innovative tools to enable and enhance intra-Africa capital and investment flows, reducing the siloed state of the African stock and bond markets. The company provides an easy-to-use and efficient route for wealth in Africa and global capital to fund investments in a wider range of African countries.
The goal is to reduce the number of manual steps, the total amount of time required, and the associated costs the investor is encumbered with when making a cross-border transaction. Africa is at the precipice of economic greatness and our task is simple: to reimagine African capital markets. This is our phenomenal contribution to making that economic milestone a reality.
SecondSTAX also provides access to debt and equity securities across multiple African bonds and stock exchanges. The B2B capital markets infrastructure platform seeks to assist investment firms outside Africa that want to invest in emerging and frontier economies on the continent.
Investment firms onboarded on its platform can also hold assets in various currencies, thereby reducing single currency risk and reducing the volatility in their returns, whether in Africa or elsewhere.
Aside from Ghana, the fintech has its eyes set on African countries such as Kenya, Nigeria, South Africa, Morocco, and Egypt. The fund will enable the company’s launch in these countries by the end of the year.