Spring in Africa

What Spring in Africa does

Spring in Africa, formerly operating as Wallets Africa, is a Nigerian fintech startup headquartered in Lagos that operates a multi-currency digital wallet platform under the Spring brand. Founded around 2018-2019, the company participated in Y Combinator's 2019 Demo Day and rebranded to Spring in Africa in October 2023 with the launch of its Spring multi-currency wallet. The platform enables individual users to receive money globally using a username-based addressing system that removes the requirement to share traditional bank account details, and it supports both FIAT currency and cryptocurrency transactions, including a feature that displays ether balances in USD on the blockchain for real-time transparency.

The core technology is a cloud-based, self-serve wallet accessible via web and app.spring.africa that unifies bank transfers and blockchain-based transactions behind a single interface. The product surface comprises the Spring consumer wallet, Spring for Businesses (an enterprise variant that leverages a VISA partnership for corporate and customer card issuance), and a Payment Links feature at wallets.global/you that lets any sender transact through either traditional or crypto rails. The company has stated that, as of the latest disclosed state, users can only purchase airtime with FIAT balance and that bank payouts remain under development, indicating a narrow current monetizable surface.

The company monetizes through transaction-based fees on FIAT and crypto transfers, with free individual account signup and no disclosed pricing tiers. Total disclosed funding across the pre-seed, seed, and a 2020 round is approximately $1.56 million from investors including Y Combinator, Samurai Incubate Africa, 9Yards Capital, P1 Ventures, Saviu Ventures, Mozilla, and Michael Seibel. The company is founder-led (John Oluranti Oke, Founder & CEO) and serves individual consumers as the primary segment and businesses as a secondary segment, with no disclosed enterprise logos or revenue figures.

Name

Spring in Africa

Legal name

Wallets Africa Inc.

Website

https://springinafrica.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Spring in Africa is a Nigerian fintech that operates the Spring multi-currency digital wallet, enabling individuals and businesses to send and receive money globally via username-based addresses across both FIAT and cryptocurrency rails.

Ownership category

akta.pro rank

Product category

Digital Wallet & Payments

NAICS

Credit Card Issuing (52221), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD)

akta.pro secondary industries

Crypto Card Issuing & Card Programs (Debit/Credit/Prepaid) (FSADAIAC), POS, QR & In-Person Acceptance Infrastructure (Crypto) (FSADAIAI)

Keywords

• Multi-currency digital wallet
• Cross-border payments
• Cryptocurrency wallet
• Digital banking platform
• Payment link services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction-based fees: Revenue generated from transaction fees on FIAT and cryptocurrency transfers. Users can purchase airtime using FIAT balance.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Spring in Africa operates a multi-currency digital wallet platform that enables users to receive money from anyone globally using only a username. The platform unifies FIAT and digital asset (cryptocurrency) payments in a single interface, supports custom payment links, real-time USD display of ether transactions, and airtime purchases. A separate Spring for Businesses offering enables enterprises to issue VISA cards to employees and customers.

Product overview

Spring in Africa operates as a unified multi-currency digital wallet platform under the Spring brand (formerly Wallets Africa). The core product is the Spring wallet for individual users, supplemented by Spring for Businesses offering enterprise card issuing and payment management capabilities. Payment Links serve as an integrated feature enabling flexible transaction acceptance across traditional and crypto rails.

Differentiator

Problem solved

Functional benefit

Products and services

• Spring Wallet A multi-currency digital wallet for individual consumers that enables receiving money from anyone anywhere using just a username. Supports traditional bank transfers and cryptocurrency payments, displays ether transactions in USD for real-time accuracy, and supports airtime purchases using FIAT balance.
• Spring for Businesses A business-focused offering that enables businesses to issue VISA cards to employees and customers and manage multi-currency enterprise payments. Built on the company's VISA partnership announced in November 2020.
• Payment Links Custom payment link functionality allowing users to create personal URLs (wallets.global/you) that enable seamless transactions through traditional bank transfers or cryptocurrency payments. Provides flexible payment acceptance options for individuals and businesses.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• VISAcoreStrategic or Co-development Partner · 17 November 2020Wallets Africa (now Spring in Africa) partnered with VISA to enable businesses to issue cards to employees and customers. This partnership allows the company to offer card issuance services as part of their business payment solutions.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Binance: World's largest cryptocurrency exchange, with significant Nigerian and African user adoption via P2P trading. Sets the competitive baseline on crypto liquidity, brand, and product breadth that Spring must contend with.
• Flutterwave: Leading Pan-African payment infrastructure provider serving merchants and enterprises with multi-currency processing. A much larger, well-capitalized incumbent operating across overlapping use cases at the B2B layer.
• Paystack: Nigerian payment gateway (acquired by Stripe) serving thousands of African businesses with online and recurring payment acceptance. Comparable on Nigerian market focus and payment-processing category, though primarily B2B.

Emerging players

• Luno: Global cryptocurrency exchange and wallet with strong presence in South Africa and Nigeria, allowing users to buy, sell, and store crypto. Overlaps with Spring on the digital-asset wallet experience for African retail users.
• Kotani Pay: African crypto on/off-ramp infrastructure that enables users to convert between fiat and stablecoins. Comparable on the fiat-to-crypto bridge utility that underpins Spring's unified wallet.

Direct peers

• Bundle (Africa): African crypto wallet and social payments platform offering multi-currency support, crypto on/off-ramp, and peer-to-peer transfers. Overlaps with Spring on crypto-enabled consumer wallet for African markets.
• Yellow Card: Pan-African crypto exchange and wallet that enables users to buy, sell, store, and transact with digital assets across multiple African countries. Directly comparable on the digital-asset wallet and on/off-ramp axis.
• Chipper Cash: Pan-African cross-border payments app supporting both fiat and cryptocurrency transfers between African countries. Closely mirrors Spring's value proposition of username-based, multi-currency money movement for African users.

Regional players

• Wave: Mobile money platform operating across multiple West and Central African countries, offering low-cost person-to-person transfers. Comparable on the consumer multi-currency wallet use case, though geographically focused outside Nigeria.
• VALR: South African-licensed cryptocurrency exchange offering spot trading and wallet services. Comparable on the African crypto-wallet category but primarily serves South Africa rather than Nigeria.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/thespringafrica
• LinkedInlinkedin.com/company/springinafrica
• Instagraminstagram.com/thespringafrica
• Facebookfacebook.com/thewalletsafrica

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds3 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spring in Africa