Pouchers raises $500,000 as it exits beta

Nigerian fintech Pouchers has raised $500,000 in pre seed funding as it moves out of beta and prepares to expand its financial services. Stack Directory LLC led the round. The funding comes as Pouchers starts scaling beyond its early users. Pouchers is building financial products around dollar-denominated payments. Users can hold and move value in USDT and USDC, as well as use virtual dollar cards.

From beta to a wider launch

Pouchers has now exited its beta phase. The company can move from testing its product with a small group of users to serving a wider market. The move comes as demand for dollar-based financial products grows across Nigeria and other African markets. Access to foreign currency remains difficult for many individuals and businesses. Pouchers offers virtual dollar cards for online payments. Users can use them with international merchants and services that may not accept local currency cards. The company also plans to add foreign-currency accounts to its product range.

What the funding will be used for

Pouchers plans to use the new capital to grow its product, expand its team and support its next stage of growth. The funding will also help the company build more financial services around its existing dollar payment infrastructure. For Nigerian users, the proposition is fairly simple. A dollar-based account and card can make it easier to pay for international subscriptions, software, online services and other expenses that require foreign currency. Pouchers is entering a market where several fintechs already offer similar products. The company is taking a slightly different route by combining stablecoins, virtual cards and dollar accounts. With its beta phase behind it and $500,000 in new funding, Pouchers now has to turn its early traction into a larger user base.