Martins Ejeheri's experience in 2023, upon moving to the United States, highlighted a significant inefficiency in the cryptocurrency ecosystem: the prolonged and often risky process of converting digital currency to fiat. Despite holding substantial amounts of digital currency, individuals found it challenging to spend them as businesses rarely accepted crypto directly. Furthermore, attempts at conversion through traditional means were time-consuming and fraught with the risk of fraud. Ejeheri, who had dedicated nearly a decade to developing over 500 blockchain solutions globally, was frustrated by these delays, recognizing the urgent need for a more streamlined global payments solution.

This critical observation led to the establishment of ClockPay, a pioneering startup committed to facilitating stablecoin payments seamlessly between businesses and their clientele. Ejeheri, a Co-founder of ClockPay, emphasized the anomaly of these delays, stating to Techpoint Africa, “I’ve been in this space for almost ten years, and I have seen how we can convert cryptocurrency to fiat currency in minutes. So, I felt, this shouldn’t be a problem.” He discovered this was a widespread issue within the blockchain community, yet ClockPay now empowers individuals with cryptocurrency liquidity to make instant purchases without prior conversion.

ClockPay's core offering enables businesses to accept payments in various digital currencies, particularly stablecoins, and instantly settle them in their preferred fiat currency. The platform provides robust API integration, allowing businesses to embed payment capabilities directly into their systems. It also features familiar tools such as invoicing functionalities and comprehensive wallet systems, designed to mimic the user experience of conventional payment processors. The distinct advantage of ClockPay lies in its capacity for near-instantaneous conversion of cryptocurrency to fiat.

Illustrating its global utility, ClockPay facilitates transactions where a merchant in Lagos can receive USDC from a customer in California and have it settled in naira within minutes. Similarly, a UK startup can raise funds in cryptocurrency and convert them to pounds immediately. For companies managing liquidity across multiple markets, ClockPay eliminates the complex, multi-step processes typically associated with traditional channels for inter-currency fund transfers. Ejeheri affirmed, “We are enabling businesses to receive payment in local currency,” by providing API integration for instant crypto-to-local currency conversion.

The platform is meticulously designed for a diverse range of global businesses, including small and medium-sized enterprises (SMBs), startups, eCommerce companies, and content creators who frequently engage with international customers. Additionally, ClockPay serves fintechs and larger organizations that require efficient cross-border liquidity management. A standout feature allows businesses to maintain a US bank account, even if they are not physically located in the United States, enabling seamless on-ramp and off-ramp transactions between stablecoins and US dollars.

ClockPay has demonstrated impressive traction, having onboarded 150 businesses across the United States and Africa. Its advanced payment infrastructure now extends its reach to over 24 countries. The company has proactively secured necessary licensing, including a Money Services Business (MSB) license in the United States, enabling payouts in all 50 states, and has acquired the Money Transmitter License (MTO) for 48 states. Furthermore, ClockPay holds licensing in the UK and China and partners with regulated institutions to achieve comprehensive coverage across multiple African markets. The integration with Shopify has allowed eCommerce merchants to effortlessly accept cryptocurrency payments, contributing to over $45 million in processed transactions to date.

ClockPay operates on a dual-product revenue model. Firstly, it charges a 1.3% transaction fee when businesses receive payments through its API integration. Secondly, the company generates revenue from a conversion spread; whenever users off-ramp from cryptocurrency to fiat or exchange between different currencies, ClockPay earns a margin on each transaction. Beyond its core payment services, ClockPay is actively developing additional products under ClockInvest, focusing on advanced analytics and asset ownership, which are currently in development.

Looking towards the future, ClockPay's vision transcends mere payment processing. Ejeheri envisions the company as a crucial bridge connecting blockchain systems with everyday financial activities. This expansive long-term goal includes the development of future tools designed to empower individuals to invest, generate passive income, and plan for long-term financial objectives using blockchain-powered assets. The ultimate aim is to demystify blockchain technology, integrating it seamlessly into mainstream infrastructure. Ejeheri states, “We are bringing blockchain through ClockPay into the mainstream economy. For instance, with ClockVest, the product we are building, people are going to be able to invest and make residual income.” For the immediate future, ClockPay remains focused on enhancing its foundational payment rails and expanding its global operational coverage.