$20 billion US fintech Circle backs South African payments firm operating in 30 African markets

Circle Ventures, the investment arm of US-listed Circle Internet Group, has invested in South African payments company CrissCross as the American stablecoin group expands its exposure to Africa’s cross-border payments market. The investment was made through Stitch Group, the parent company of CrissCross.

• Circle Ventures has invested in African cross-border payments company CrissCross.
• The investment was made through CrissCross’s parent company, Stitch Group.
• CrissCross provides payment infrastructure across more than 30 African markets.
• Neither Circle nor CrissCross disclosed the size of the investment.

CrissCross announced⁠ the transaction on October 26 but did not disclose its financial value or the ownership interest obtained by Circle Ventures.

The company said the capital would be used to expand its stablecoin-powered payment infrastructure across more than 30 African markets.

CrissCross provides local collections, automated payouts, foreign-exchange services and corporate treasury management through a single application programming interface.

Its system connects blockchain-based settlement with local bank accounts and mobile-money wallets.

The company says it supports more than 20 currencies and serves multinational companies, financial institutions and digital platforms operating across Africa.

“Africa’s cross-border payments market is massive, complex and underserved. Circle Ventures’ investment validates what we’ve been building: infrastructure that can handle that complexity at scale,” CrissCross general manager James Cope said.

Circle Internet Group is listed on the New York Stock Exchange under the ticker CRCL. Its main product is USDC, a stablecoin designed to maintain a one-to-one value with the US dollar.

Circle expands its African payments exposure

The CrissCross investment deepens Circle’s involvement in African digital payments after an earlier agreement with Cassava Technologies’ Sasai Fintech.

That partnership was established to explore the use of USDC in African payments and remittance services.

Unlike the Sasai arrangement, Circle is committing capital to CrissCross through its venture arm.

Brian Schultz, Circle’s vice-president for corporate development and ventures, said the company was supporting CrissCross as it expanded stablecoin-powered infrastructure across some of Africa’s most complex payment corridors.

The investment comes as businesses increasingly use stablecoins to settle transactions between countries where conventional bank transfers can be slow or expensive.

Currency volatility, limited foreign-exchange liquidity and the number of intermediaries involved in correspondent banking can increase the cost of moving money across African markets.

CrissCross says its system uses blockchain infrastructure for settlement while delivering conventional currencies to recipients through bank and mobile-money networks.

The company is also registered in Canada as a money-services business for foreign-exchange dealing, money transfers, virtual currencies and payment services.

Circle completed its US initial public offering in June 2025. The company subsequently grew to a market value of approximately $20 billion, although its valuation changes with its New York-listed shares.

The undisclosed size of the CrissCross transaction makes it impossible to determine how much capital the African company has received or how significantly Circle will influence its operations.

However, the investment gives Circle another direct route into Africa’s growing market for stablecoin-based business payments.