Checker, a global infrastructure company building a unified network for digital asset markets, has raised $8 million in new funding to accelerate the adoption of stablecoin-powered financial services across Africa and other emerging markets.
The round was led by Al Mada Ventures, the investment arm of Morocco’s sovereign wealth ecosystem and parent of Attijariwafa Bank, alongside Galaxy Ventures and Framework Ventures. It also included participation from DFS Lab, Bitso, Airtm, Onigiri Capital, SNZ Capital, and Velocity Ventures, as well as strategic investors from Africa, Latin America, and Asia.
Notable angel investors in the round include Flutterwave co-founder Iyin Aboyeji, former Onafriq executive Gwera Kiwana, Juicyway co-founder Justin Ziegler, and operators from Stripe and Tala.
In a statement, Al Mada Ventures Managing Director Omar Laalej said the firm backed Checker after identifying liquidity fragmentation as one of the most pressing constraints in stablecoin markets. He said Checker’s “orchestration layer” helps financial institutions aggregate fragmented liquidity and streamline fiat on- and off-ramps in a compliant manner.
Al Mada’s participation is also seen as a signal of growing institutional interest in stablecoin infrastructure among traditional African financial groups, given its control of Wafa Cash, a major remittance network operating across the continent and diaspora corridors.
Checker’s platform connects banks, neobanks, and payment providers to global stablecoin liquidity through a single application programming interface (API), enabling cross-border payments, foreign exchange, treasury management, and credit services.
The company argues that emerging markets, particularly in Africa, face persistent inefficiencies in cross-border finance due to fragmented payment rails, high correspondent banking costs, and foreign exchange volatility. It positions its network as an alternative settlement layer that reduces reliance on traditional correspondent banking systems.
“Through one integration, we connect financial institutions to global liquidity and payment providers, reducing settlement times and operational complexity,” said Isaac Umejiaku, Checker’s head of Africa sales.
Checker says it has already processed more than $3 billion in transaction volume and now works with over 30 regulated financial institutions globally, including Rail (acquired by Ripple), Braza Bank in Brazil, and Belo in Argentina. The network supports 75 currencies and spans markets across Africa, Latin America, Asia, and North America, including Nigeria, Kenya, Tanzania, and Francophone West Africa.
The company plans to use the new capital to expand its payments coverage, reduce reliance on correspondent banking networks, and develop embedded lending and borrowing products designed to improve capital efficiency for institutional clients. It also intends to introduce AI-driven tools for treasury management and operational automation.
Checker co-founder and chief executive Jack Chong said the company is building “the network-of-networks for the stablecoin era,” aimed at simplifying how financial institutions access foreign exchange, payments, and digital asset liquidity across markets.
Founded by former financial infrastructure operators, Checker positions itself as a backbone layer for stablecoin-based financial services, offering a single API for FX, liquidity, settlement, and payments across global markets.
The company is backed by investors including Galaxy Ventures, Al Mada Ventures, Framework Ventures, Bitso, and Airtm.