Financial Services Deal Briefing: TLcom Capital Leads $8.5M Series A Funding for HUB2

Deal Summary

Through its TIDE Africa Fund II, TLcom Capital LLP (TLcom) led an $8.5 million Series A funding round for HUB2 SAS (HUB2), a fintech startup operating in Francophone Africa. The round included participation from the Dutch Development Bank (FMO), Enza Capital Limited (Enza Capital), Bpifrance Investissement (the investment arm of Bpifrance, France's public investment bank), Digital Currency Group, Inc, Axian Group Limited, ENL Limited, and Eric Barbier, the founder of Thunes. Notably, Enza Capital had previously invested in HUB2 in July 2024, with the funding amount remaining undisclosed, and FMO made an equity investment of €2.4 million ($2.6 million) in August 2024, demonstrating continued investor confidence in the company's growth potential. Founded in 2019, HUB2 is a payment aggregator, enabling fintechs to integrate mobile money, bank cards, bank transfers, and cryptocurrency through a unified API. Currently serving fintechs across nine Francophone countries, including C?te d’Ivoire, Senegal, and Gabon, HUB2 aims to expand its regional presence and deepen its integration with providers like Visa’s CyberSource, addressing the region's fragmented payment ecosystem.

Terms

• Fund Managers: TLcom Capital LLP, Dutch Development Bank (FMO), Enza Capital Limited, Bpifrance Investissement, Digital Currency Group, Inc, Axian Group Limited, ENL Limited, and Eric Barbier (founder of Thunes)
• Fund: TIDE Africa Fund II (TLcom Capital LLP)
• Target: HUB2 SAS
• Financing Type: Equity (Series A)
• Amount: $8.5 million

Deal Rationale

TLcom Capital’s investment in HUB2 aligns with its strategy of supporting scalable financial technology companies that enhance interconnectivity across Africa’s fragmented financial infrastructure. HUB2’s model as a payment aggregator complements TLcom’s portfolio, which includes Zone (2024), a blockchain-enabled payment infrastructure company, and Okra (2020), an open finance API player. This investment also marks TLcom’s first...

• Market Opportunity: Francophone Africa’s payments landscape is rapidly evolving, driven by growing mobile phone penetration and a large unbanked population. In 2023, Africa led the world in mobile money transactions, processing 62 billion transactions worth...
• Risk/Return Analysis: HUB2 is poised for strong returns, supported by its rapid growth, focus on fintechs, and projected €1 billion ($1.08 billion) transaction volume by...

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