Fintech startup enza, which specializes in providing payment solutions across Africa, has successfully raised $6.75 million in a seed funding round co-led by notable venture capital firms Algebra Ventures and Quona Capital. This investment marks a significant milestone for enza, representing its first external capital injection since the company was founded.
The newly acquired funding will be strategically utilized to accelerate enza’s ambitious expansion plans in key African markets. The company aims to strengthen its existing partnerships and enhance its responsiveness to the specific needs of its growing client base, which includes banks and fintech companies.
At the core of enza’s offerings is a comprehensive suite of payment solutions that empower financial institutions to provide a wide range of locally relevant payment capabilities. These services encompass traditional card payments, digital wallets, and increasingly popular real-time payment options. enza’s technology is designed to help its clients differentiate themselves in the competitive landscape of African financial services.
Founded in 2023 by a team of seasoned professionals with extensive experience in both global and African payments sectors, enza has already proven its ability to navigate local market complexities. The company’s innovative payment services aim to reduce the cost of digital transactions, a critical factor in promoting financial inclusion across the continent.
Hany Fekry, Chief Executive Officer of enza, expressed his enthusiasm about the partnership with Algebra Ventures and Quona Capital;
We are thrilled to partner with Algebra Ventures and Quona Capital, who share our vision of transforming financial services in Africa through the digitization of payments. 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.
Enza’s mission revolves around “liberating the world of payments for more inclusive, opportunity-led commerce” in Africa. The company’s services enable clients to profitably serve larger target markets by lowering transaction costs, thereby establishing the groundwork for broader financial services relationships with previously underserved populations.
The strategic partnership with Algebra Ventures, an Egyptian venture capital firm with a solid track record in the region, and Quona Capital, a global venture firm focused on fintech for emerging markets, highlights the significant growth potential seen in enza and the broader African payments ecosystem.
Tarek Assaad, Managing Partner at Algebra Ventures, emphasized enza’s strong market positioning;
Enza is exceptionally well-positioned to transform Africa’s payments ecosystem by delivering the essential infrastructure that banks and fintechs require for success. The enza leadership team has an impressive track record of starting, growing, and exiting fintech businesses across the continent. Enza was uniquely capable of hitting the ground running as a pan-African payments player from the outset and is experiencing remarkable growth across its product offering. We are delighted to support the team on their exciting journey.
Johan Bosini, partner at Quona Capital, echoed this sentiment, highlighting the potential for financial inclusion. “Quona is excited to support this experienced team on its journey to significantly impact financial inclusion by providing seamless access to digital payments for banks, fintechs, and ultimately the SMEs they aim to serve,” he added.
This investment comes at a time when Africa’s digital payments landscape is rapidly expanding, driven by increasing mobile penetration and a large unbanked population. Enza aims to capitalize on this trend by providing the foundational technology that enables financial institutions to meet the evolving needs of consumers and businesses across the continent.
With over 60 million underserved small and medium-sized enterprises (SMEs) in Africa and a substantial portion of the population lacking access to traditional banking services, enza’s solutions are designed to bridge this gap. The company’s platform allows financial institutions to offer a variety of digital payment options, including domestic payment schemes, real-time payment services, mobile money, and Buy Now Pay Later (BNPL) offerings, in addition to international payment schemes. This enables enza’s clients to attract new customers with relevant products and subsequently cross-sell other financial services by leveraging the data generated through these transactions.
The $6.75 million funding will provide enza with the necessary capital to scale its operations, invest in its technology platform, and further expand its reach across the African continent. This investment plays a crucial role in the ongoing digitization of payments and the drive for greater financial inclusion in the region.
