African payment startup enza has raised $6.75 million in a seed equity round. Algebra Ventures and Quona Capital co-led the investment. This is enza’s first external funding. The company will use the money to expand its digital payment solutions across Africa.
enza helps banks and fintechs offer easy-to-use payment options. These include cards, wallets, and real-time payments. The investment will strengthen enza’s presence in key African markets. It will also help the company form stronger partnerships and improve its services.
“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.
“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,” said Hany Fekry, CEO of enza.
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Strategic Partnerships for Growth
Algebra Ventures and Quona Capital believe enza will change digital payments in Africa. The company aims to help 60 million small businesses. Many of these businesses have limited access to banking services.
The enza platform allows banks and fintechs to provide more digital payment options. It supports domestic and international schemes, mobile money, and real-time payments. This helps financial institutions attract new customers and offer more services.
“enza will transform Africa’s payments ecosystem by providing banks and fintechs with the essential infrastructure they need to succeed. 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,” said Tarek Assaad, Managing Partner at Algebra Ventures.
Quona Capital also sees enza’s potential to increase 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,” said Johan Bosini, Partner at Quona Capital.
enza is growing fast. Its innovative payment services lower transaction costs and help financial institutions reach more people. The company wants to create a future where digital payments are accessible to all Africans.