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Touch and Pay Technologies Ltd (YC W22)

“Can NFC-first offline payment rails make sub-$0.10 micro-transactions profitable across Africa's informal economy?”

Founded2019
HQLagos, Nigeria
FoundersOlamide Afolabi, Michael Oluwole
Total raised$5.2M
Latest roundSeed, 2022 ($3M)
IndustryFintech / Payments
The story

Founded 2019 in Lagos to solve micro-transaction payments (N60-N100 bus fares, snacks, groceries) — an unprofitable segment ignored by global processors. Built the Cowry NFC card that works offline as the flagship product, becoming the dominant transit payment method in Lagos. Post-YC W22 expansion into health (Health Touch), merchant payments, E-Tap, and government collections — moving from a single-use transit card to a broader micro-transaction payment rail across Africa.

Last 12 months
2026-06
Product timeline
2019
Founded in Lagos to digitize micro-transactions using NFC technology· pivot
2021
Cowry 'tap to ride' contactless payment adopted by 1.5M Lagosians for bus fares· banking
2022
Accepted into Y Combinator W22 batch· pivot
2022
Closed $3M seed round to fund continental expansion· pivot
The stack
2 layers disclosed in Touch and Pay Technologies Ltd (YC W22)’s embedded-finance stack
Payments / PSP
Cowry (self-operated)E-Tap (self-operated)Merchant Payment (self-operated)
Card issuing
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Touch and Pay Technologies Ltd (YC W22) — frequently asked

Who is Touch and Pay Technologies Ltd (YC W22)'s payment processor?

Touch and Pay Technologies Ltd (YC W22) processes payments through Cowry (self-operated), E-Tap (self-operated) and Merchant Payment (self-operated).

Who issues Touch and Pay Technologies Ltd (YC W22)'s cards?

Touch and Pay Technologies Ltd (YC W22)'s cards are issued through Cowry (self-operated NFC card).

What is Touch and Pay Technologies Ltd (YC W22)'s embedded finance stack?

The Embedded Finance Index 2026 maps 2 layers in Touch and Pay Technologies Ltd (YC W22)'s stack: Payments / PSP (Cowry (self-operated), E-Tap (self-operated) and Merchant Payment (self-operated)); Card issuing (Cowry (self-operated NFC card)).

Who founded Touch and Pay Technologies Ltd (YC W22)?

Touch and Pay Technologies Ltd (YC W22) was founded by Olamide Afolabi and Michael Oluwole and is founded in 2019, headquartered in Lagos, Nigeria.

How much funding has Touch and Pay Technologies Ltd (YC W22) raised?

Touch and Pay Technologies Ltd (YC W22) has raised $5.2M in total (latest round: Seed, 2022 ($3M)).

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