Africa: Turnstay Raises $2m to Scale Travel Payments Across Africa

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  • South African travel-focused fintech TurnStay has raised $2 million in seed funding to expand across African markets
  • The round was led by First Circle Capital and joined by TLcom Capital, Enza Capital, Incisive Ventures, CVVC, and Equitable Ventures
  • The startup operates a merchant-of-record structure combined with payment orchestration, allowing card payments to be processed in the traveler’s country

South African travel-focused fintech TurnStay has raised $2 million in seed funding to expand across African markets and strengthen its payments infrastructure for tourism operators. The round was led by First Circle Capital and joined by TLcom Capital, Enza Capital, Incisive Ventures, CVVC, and Equitable Ventures.

Founded by Alon Stern (Slide Financial) and James Hedley (Quicket), TurnStay helps African travel and tourism businesses lower payment costs and boost booking conversions. Its model utilizes local payment processing and stablecoin settlement to reduce card fees by up to 70% and expedite settlement times.

The startup operates a merchant-of-record structure combined with payment orchestration, allowing card payments to be processed in the traveler’s country while funds are settled locally.

The company previously raised $300,000 in July 2024 and has since processed over ZAR250 million in transactions. It has signed deals with key tourism players and aims to scale further with the new capital.

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