Nigerian fintech startup Timon is expanding into Kenya after surpassing 100,000 users across Africa, seeking to tap growing demand for affordable cross-border payments, travel-focused financial services, and easier access to foreign currencies.
Launched in 2024 by Tomi Ayorinde and Chizaram Ucheaga, Timon provides digital wallets that can be funded using local currencies, U.S. dollars or stablecoins. The platform enables users to make international transfers, access virtual and physical payment cards, and pay for goods and services while travelling abroad.
The company has identified Kenya as one of its four key markets, alongside Nigeria, Ghana and South Africa, following strong user growth driven largely by referrals.
The expansion follows Timon’s admission into Alliance, a crypto startup accelerator, where it secured funding to strengthen product development, expand its customer base, scale into new markets and enhance its stablecoin infrastructure.
According to co-founder Tomi Ayorinde, the company sees increasing demand from Africans who earn income globally, store value in stablecoins and require seamless financial services across multiple countries.
Interest in stablecoin-based financial products has grown across Africa as consumers seek protection against currency depreciation and lower-cost international transactions. Timon said stablecoins were introduced after launch in response to customer demand and now account for nearly 70 percent of all funding activity on its platform.
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Originally launched as a travel payments solution, the startup has since broadened its services to include cross-border remittances, global eSIM connectivity and local payment options across several markets. Customers can also obtain physical payment cards, either at airports or through home delivery within one to two days.
Co-founder Chizaram Ucheaga described the platform as a “financial passport” designed to simplify how Africans manage and move money while travelling and working internationally.
The investment from Alliance will support Timon’s continued expansion across the continent, including the rollout of additional travel-related services such as trip-planning tools, insurance products and enhanced international payment solutions.
The move into Kenya reflects growing competition among fintech firms targeting cross-border payments, fuelled by the rise in remote work, international travel and the adoption of digital dollar-denominated assets such as stablecoins. Kenya’s regulatory framework for virtual assets is also expected to provide a supportive environment for stablecoin businesses looking to establish a local presence.
