The use of cryptocurrencies across Africa and South Asia has traditionally been hampered by lack of crypto wallets tailored to the realities of emerging economies /HANDOUT
Sorted Wallet, a digital wallet designed for feature phones and low-end smartphones, has secured Sh570 million in seed funding to expand its footprint across Sub-Saharan Africa and other emerging markets.
The funding round included Sh440 million in equity financing led by cryptocurrency firms Tether and Gnosis.
Other investors included Movement, Angel Invest and the founders of RWA.io.
The company said the new capital will support expansion in its current markets and help it enter new territories across Sub-Saharan Africa and South Asia.
Unlike many cryptocurrency wallet developers that target users with high-end smartphones and reliable internet, Sorted Wallet focused on underserved users in emerging economies.
The founders said they identified a major gap in 2022 after discovering that millions of people across Africa and South Asia still rely on feature phones as their primary connection to the internet.
The company then developed a lightweight, non-custodial wallet application that occupies less than 10MB and operates smoothly on basic mobile devices.
Since launch, the app has recorded more than 500,000 downloads across 160 countries, including Kenya, Nigeria, Tanzania, Bangladesh and Madagascar.
Sorted Wallet operates on a self-custodial model, allowing users to maintain full control of their funds without relying on third-party intermediaries.
Paolo Ardoino said digital assets are increasingly being used for everyday financial transactions rather than speculative trading alone.
“However, to achieve true inclusion, we must reach hundreds of millions of people who cannot afford smartphones or data plans,” he said.
The investment by Tether signals growing interest in financial technology platforms targeting low-income and underserved populations in emerging markets.
Sorted Wallet plans to use the funding to strengthen its infrastructure and deepen partnerships with regional telecommunications firms and mobile network operators.
Stephen Browne said the company’s focus on affordable mobile devices had initially been overlooked by many players in the sector.
“Three years ago we built a wallet for a Sh2,500 phone. Nobody else thought it was worth building for,” he said.
“This round is how we will find the next 100 million.”
