Hamilton Labs Secures Investment From AXIAN Investment To Expand Dollar Access Across Africa

US-born startup Hamilton Labs has bagged an undisclosed investment from AXIAN Investment, the corporate venture capital arm of the Madagascar-based AXIAN Group, to support the expansion of its stablecoin infrastructure, USDh, across Africa.

Founded by Egyptian entrepreneurs Ehab Zaghloul and Mohamed Elkasstawi, Hamilton Labs is building financial infrastructure to help fintech platforms offer dollar-based savings, payments, and treasury products across emerging markets. Its core product, USDh, is a digital dollar backed by USD-denominated government bonds, designed to make dollar access more efficient, more accessible, and easier to integrate into modern financial applications.

In an interview with Inc. Arabia, Elkasstawi, co-founder and CEO of Hamilton Labs, discussed USDh is designed to fit into users’ daily financial activities. "USDh is a digital dollar backed by USD government bonds," he said. "We call it programmable because it can be integrated into applications and digital financial products more easily than traditional dollar infrastructure. For consumers, that can mean easier access to dollar savings, faster and cheaper cross-border transfers, 24/7 availability, and a better experience inside the financial apps they already use. It can also unlock services like instant settlement and, over time, products such as borrowing or payments that are built directly around a digital dollar rather than slow banking processes."

According to Elkasstawi, institutions and policymakers are increasingly exploring stablecoins and central bank digital currencies because of their ability to reduce friction in payments and make cross-border money movement more efficient. He also pointed out how the same infrastructure can support the operational needs of businesses. “A programmable dollar can make it easier to hold and move dollars, manage treasury more efficiently, settle payments faster, and build dollar-based services into fintech or payment products," he explained. "It can also reduce dependence on banking windows, cutoff times, and long chains of intermediaries, which is why stablecoin-based settlement is increasingly being used for treasury and cross-border payment workflows. Our goal is to make access to dollars simpler, more useful, and more connected to the digital financial tools that both individuals and businesses already rely on.” 

USDh has thus been designed to connect emerging markets with global liquidity by enabling access to sovereign yield strategies on-chain, within a global sovereign debt market exceeding $100 trillion that has historically been limited to institutional investors. Hamilton Labs is planning to expand access to USDh through partnerships with fintech platforms serving African consumers and businesses seeking dollar-denominated savings tools, with initial integrations underway and the first corridors expected to launch later this year, followed by additional markets through 2026. 

As Hamilton Labs gets set to scale its presence across the African continent, Elkasstawi pointed to execution as the central challenge. “The biggest challenge is not demand for dollars; that demand already exists across many African markets," he said. "The real challenge is distribution: how do you deliver a dollar product in a way that people trust, can easily access, and can use in their day-to-day financial activities? That means working with the right partners, integrating into existing financial platforms, and making sure the product fits local needs, not just building the technology. Another important challenge is that Africa is not one market. Each country has its own regulatory environment, financial systems, and user behavior. What works in Egypt may not work in Kenya or Nigeria. Because of that, our approach is to expand gradually, working with local partners in each market rather than trying to scale everywhere at once.” 

Here, Elkasstawi shared how his company identifies priority markets. “We look for three simple signals," he said. "First is clear and consistent demand for dollars, especially in markets where individuals or businesses already rely on dollars for savings or trade. Second is the presence of strong digital financial distribution. That means active fintech platforms, wallets, or payment systems that make it easy for users to access and use a digital dollar. Third is having a clear and immediate use case. In some markets, that may be savings. In others, it could be business payments or cross-border transactions. We focus on markets where a digital dollar solves a real, everyday financial need. In terms of expansion, we don’t approach Africa as a single market. We focus on countries where dollar demand and digital financial adoption are already strong, including key markets such as Egypt, Nigeria, Kenya, and South Africa. That said, our approach is partnership-led. We prioritize entering markets with the right local partners and use cases, rather than expanding everywhere at once.” 

The partnership with AXIAN Investment signals a step toward scaling Hamilton Labs' rollout across African markets, aligning with broader momentum around digital financial infrastructure in emerging economies. Highlighting the practical impact of the collaboration, Elkasstawi said, “AXIAN is important to us because they are more than just an investor, they are a strategic partner with real presence across African markets. They bring local expertise, strong relationships, and a deep understanding of how businesses operate on the ground. That helps us move faster when it comes to distribution, partnerships, and market entry. For a product like USDh, success depends on being integrated into real financial channels, fintech apps, payment platforms, and business workflows. AXIAN helps us bridge that gap between building the infrastructure and actually getting it into the hands of users.” 

In terms of advice for other founders building financial products in emerging markets, Elkasstawi urged them to prioritize utility, usability, and long-term adoption. “Start with the financial problem, not the technology," he advised. "In emerging markets, people are not looking for something new, they are looking for reliable, accessible, and trustworthy ways to save and manage money. Second, distribution matters as much as the product itself. A savings tool only works if it reaches people through channels they already trust and use. Third, don’t focus only on offering the highest yield. What matters more is building something stable, transparent, and sustainable over time. We’ve seen in this space that products can fail when they prioritize short-term returns over long-term reliability. And finally, build with local context in mind. Emerging markets are often grouped together, but each country is different. The best companies understand the local realities, from regulation to user behavior, and adapt their product accordingly."

Pictured in the lead image are Hamilton Labs co-founders Ehab Zaghloul and Mohamed Elkasstawi. Image courtesy Hamilton Labs.