Pan-African fintech, Enza, has announced that it has secured a $6.75 million investment in a seed equity round co-led by Algebra Ventures and Quona Capital.
This funding round represents Enza’s first external investment and will help its mission ‘liberate the world of payments for more inclusive, opportunity-led commerce‘ across the African continent.
“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.”
Enza was founded in 2022 by Hany Fekry, a former Managing Director at Network, and Hamish Houston, another ex-Network executive. While Network was expanding across Africa, the two saw an opportunity to create Enza, aiming to address gaps in the continent’s payment ecosystem.
According to the startup, its comprehensive payment solutions empower banks and fintechs to provide seamless, locally relevant payment capabilities, including cards, wallets, and real-time payments. The capital infusion will enable Enza to strengthen its presence across key markets in Africa, fostering deeper partnerships, and improving responsiveness to the localized needs of its growing client base.
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Enza’s platform serves banks and fintechs on the issuing side while catering to SMEs and merchants on the acceptance side. The startup is initially focusing on:
- Egypt
- Nigeria, and
- South Africa
three of Africa’s largest and most dynamic financial markets.
Although Enza only launched operations in 2024, the Dubai-based fintech has already secured over 10 million monthly contracted transactions. This growth comes through live bank partnerships spanning six African markets:
- Rwanda
- Nigeria
- Ghana
- Egypt
- Uganda, and
- South Africa
“The Enza leadership team has an impressive track record of starting, growing, and exiting fintech businesses across the continent,” said Tarek Assaad, Managing Partner at Algebra Ventures, on why his firm backed the two-year-old fintech.
“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.”
“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.
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