Adaverse has backed Fonbnk, a decentralized finance (DeFi) company powering forex payments through prepaid airtime, in an undisclosed funding round. Fonbnk is planning use the funds to integrate Cardano into its platform to power cross-border payments in emerging markets.

Fonbnk leverages prepaid airtime to facilitate money transfers. It converts prepaid airtime into digital money and accesses virtual debit cards to process fund transfers and cross-border payments.

“Our goal is to become the primary payment tool any Cardano developer would choose to onboard users from the ecosystem,” says Christian Duffus, CEO and founder at Fonbnk.

Users are able to convert airtime or cash into MIN tokens, a dollar-pegged in-app token that can be used to make payments and remittances globally. Its on-ramp and off-ramp services are efficient, with its partnership with thousands of international carriers.

“With the integration of Cardano blockchain, they’re set to expand their services even further in emerging mobile-first economies to enhance financial inclusion. We are eager to support Fonbnk’s transformative mission to drive social and economic growth in Africa and beyond,” says Vincent Li, founding partner at Adaverse.

Co-CEO of EMURGO Middle East and Africa, Shogo Ishida, commented: “Fonbnk’s unique use of airtime as an on-ramp solution has the potential to revolutionize the payment landscape and empower millions of young entrepreneurs worldwide. EMURGO Africa’s vision is to empower individuals to achieve financial independence without the need for traditional financial institutions. Fonbnk shares this vision.”