enza Secures $6.75M Seed Funding to Revolutionize African Payments

enza, a rising star in Africa’s fintech landscape, has announced a significant $6.75 million seed funding round co-led by Algebra Ventures and Quona Capital. This landmark investment marks enza’s first external funding and signals strong confidence in its mission to “liberate the world of payments for more inclusive, opportunity-led commerce” across the African continent.

The funding will empower enza to accelerate its expansion across key African markets, forge deeper partnerships with banks and fintechs, and tailor its solutions to meet the diverse and localized needs of its growing client base.

Empowering Financial Inclusion Through Innovative Payments

enza’s comprehensive payment solutions provide banks and fintechs with the tools to offer seamless and locally relevant payment capabilities, including cards, wallets, and real-time payments. By reducing the cost of digital transactions, enza enables its clients to profitably serve larger target markets and establish the foundation for broader financial services relationships.

“We are thrilled to partner with Algebra Ventures and Quona Capital, who share our vision of the potential to transform financial services in Africa through the digitisation of payments,” said Hany Fekry, CEO of enza. “This investment is a strong endorsement of our team, our market-leading services, and our commitment to empowering banks and fintechs to drive financial inclusion across the continent.”

Addressing Africa’s Digital Payment Gap

Africa’s digital payment landscape presents both challenges and opportunities. With over 60 million underserved SMEs and a significant underbanked population, there’s a pressing need for innovative payment solutions that bridge the gap and drive financial inclusion.

enza is strategically positioned to address this need. Its platform enables financial institutions to differentiate themselves and attract new customers with market-relevant products. By leveraging the intelligence generated from underlying data, enza empowers its clients to cross-sell other financial services products, further expanding their reach and impact.

Strategic Partnerships for Accelerated Growth

The investment from Algebra Ventures and Quona Capital reinforces enza’s commitment to tackling the unique challenges of the African market.

“enza is exceptionally well-positioned to transform Africa’s payments ecosystem by delivering the essential infrastructure that banks and fintechs require for success,” said Tarek Assaad, Managing Partner at Algebra Ventures. “The enza leadership team have an impressive track record of starting, growing and exiting fintech businesses across the continent. We are delighted to support the team on their exciting journey.”

“Quona is excited to support this experienced team on its journey to have a significant impact driving financial inclusion through seamless access to digital payments for banks, fintechs, and ultimately the SMEs they aim to serve,” added Johan Bosini, partner at Quona Capital.

Looking Ahead: A Future of Inclusive Commerce

With this new funding, enza is poised to accelerate its mission of liberating payments across Africa. By empowering banks and fintechs with innovative and locally relevant solutions, enza is paving the way for a more inclusive and opportunity-led commerce ecosystem, driving economic growth and financial inclusion across the continent.