Egyptian fintech startup enza, a provider of payment solutions across Africa, has raised $6.75 million in a seed funding round co-led by prominent venture capital firms Algebra Ventures and Quona Capital. The investment marks a significant milestone for the company, representing its first external capital injection since its inception.
The funding will be strategically deployed to accelerate enza’s ambitious expansion plans across key African markets. The company aims to deepen its existing partnerships and enhance its responsiveness to the specific needs of its growing client base of banks and fintech companies.
enza’s core offering lies in providing comprehensive payment solutions that enable financial institutions to offer a wide array of locally relevant payment capabilities. These include traditional card payments, digital wallets, and increasingly popular real-time payment options. The company’s technology is designed to empower its clients to differentiate themselves in the competitive African financial services landscape.
Founded in 2023 by a team of seasoned professionals with extensive experience in both global and African payments sectors, enza has already demonstrated its ability to address local market complexities. Its innovative payment services are designed to reduce the cost of digital transactions, a crucial factor in driving financial inclusion across the continent.
Hany Fekry, Chief Executive Officer of enza, expressed his enthusiasm about the partnership with the two venture capital firms. “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,” he said. “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 is centred around “liberating the world of payments for more inclusive, opportunity-led commerce” in Africa. The company’s services enable its clients to profitably serve larger target markets by reducing transaction costs, thereby laying the groundwork for broader financial services relationships with previously underserved populations.
The strategic partnership with Algebra Ventures, an Egyptian venture capital firm with a strong track record in the region, and Quona Capital, a global venture firm focused on fintech for emerging markets, underscores the significant growth potential seen in enza and the broader African payments ecosystem.
Tarek Assaad, Managing Partner at Algebra Ventures, highlighted 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,” he stated. “The enza leadership team have 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, emphasizing the potential for financial inclusion. “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,” he added.
The investment comes at a time when Africa’s digital payments landscape is experiencing rapid growth, driven by increasing mobile penetration and a large unbanked population. enza aims to capitalise on this trend by providing the foundational technology that enables financial institutions to cater to the evolving needs of consumers and businesses across the continent.
With over 60 million underserved Small and Medium-sized Enterprises (SMEs) across Africa and a significant 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 range of digital payment options, including domestic payment schemes, real-time payment services, mobile money, and Buy Now Pay Later (BNPL) offerings, alongside 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, playing a crucial role in the ongoing digitisation of payments and the drive for greater financial inclusion.