Nigerian travel fintech Timon has secured an undisclosed investment from crypto and Web3 accelerator Alliance while expanding into Kenya after surpassing 100,000 users. The company says stablecoins now account for nearly 70% of wallet funding on its platform, highlighting growing demand for cross-border digital dollar payments among African travelers.
Founded in September 2024 by Tomi Ayorinde and Chizaram Ucheaga, Timon provides African travelers with a digital wallet and dollar card designed for international payments. The company has increasingly positioned itself as a stablecoin-powered travel payments platform after introducing stablecoin wallet funding in response to customer demand.
According to Timon, Kenya has become one of its fastest-growing markets, joining Nigeria, Ghana, and South Africa as the company's four priority markets. The firm said much of its growth has been driven organically through referrals and word of mouth rather than aggressive marketing.
Explaining the expansion, Co-Founder Tomi Ayorinde said the company prioritizes markets where customers are already actively using its services rather than expanding based solely on market size. Timon also revealed that almost 70% of wallet funding now comes through stablecoins, making it one of the platform's fastest-growing features. The company believes demand is being driven by Africans seeking faster, more efficient ways to move and spend money across borders without relying entirely on traditional banking infrastructure.
The latest investment from Alliance will support the company's next phase of growth, including strengthening its stablecoin infrastructure, acquiring new customers, and expanding into additional African markets.
The expansion comes as stablecoin adoption continues to accelerate across Africa. According to the International Monetary Fund (IMF), Nigeria has accounted for roughly 60% of cumulative stablecoin inflows into Sub-Saharan Africa since 2019, reflecting the increasing role of digital dollars in cross-border payments and financial services across the region.
Timon's expansion into Kenya and its latest funding round highlight the growing role of stablecoins in Africa's travel and payments ecosystem. As more users adopt digital dollar-based payment solutions for cross-border transactions, fintech companies are increasingly positioning stablecoins as practical financial infrastructure rather than purely crypto investment products.
