Fintech Startup Oobit Ramps Up Global Expansion as It Launches in South Africa

Oobit, a fintech startup bringing crypto payments to everyday spending, has announced its expansion to the South African market. Backed by the issuer of the world’s biggest stablecoin, Tether, Oobit also opened its first office in Brazil last month after onboarding more than 50,000 Brazilians in the beta phase.

Its launch in South Africa makes it one of the fastest-growing fintech startups, having also expanded to Thailand and the Philippines.

South Africa, the Gateway to Africa Fintech

South Africa is ranked the number one startup hub in Africa and 52nd globally, according to a Business Insider report. This makes it a strategic entry point for global fintech startups like Oobit.

Oobit’s decentralized payments layer, DePay, allows users to spend crypto directly from wallets like MetaMask, Zerion, Trust Wallet, and SafePal, with no custodial cards or top-ups required.

South Africa, which also wears the hat for being the second-biggest crypto hub in Africa, boasts a crypto adoption rate of more than 66%, according to a Consensys survey. A recent Chainalysis report also listed South Africa among the top countries in Africa using stablecoins, with more than $30 billion in value received between July 2024 and June 2025.

One of the reasons South Africa is emerging as the top startup hub in Africa is because of its strong infrastructure, access to capital, and government support. Capital-wise, StartupBlink estimates that the South African startup ecosystem grew by nearly 20% between April 2024 and April 2025, with the number of startups growing to 632, while capital raised crossed $527 million.

Johannesburg and Cape Town have also been highlighted as leading cities amid high adoption of fintech and increasing global investment.

From the perspective of government support, the FSCA, in a market study released in February 2025, highlighted that DeFi adoption in South Africa is being driven largely by financial inclusion needs, with a third of the population classified as underbanked.

The FSCA also emphasizes that South Africa’s existing capital-control rules create friction for users who hold digital assets but lack compliant ways to spend them.

Oobit Enabling Global Payments

According to Oobit, its payment solution is the first and only one in South Africa that enables users to connect any wallet and make payments at over 100 million retailers in-store and online worldwide where Visa is accepted.

Last month, the company made a similar move in Brazil, opening its first office after a successful beta phase. With DePay, Oobit allows users to connect their self-custody wallets and pay at physical stores, just like they would with Apple Pay and other mobile wallets.

Explaining the mechanics of DePay in October, Oobit said: “At the point of sale, a smart contract executes a gasless, on-chain transaction, pulling funds directly from the user’s wallet only after the payment is authorized.”

By enabling crypto card payments where Visa is accepted globally, the company aims to bring utility to billions of dollars that sit idle in self-custody wallets, said Amram Adar, CEO of Oobit.

“DePay turns them into spendable money,” he said. “Any wallet, any chain, gasless and instant. This is not just Oobit’s biggest step. It’s the start of stablecoins replacing banks as the way people pay worldwide.”