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Egyptian payment solutions startup enza has secured $6.75 million in seed funding to advance its mission of transforming financial services and promoting inclusive commerce across Africa. The funding round was co-led by Algebra Ventures and Quona Capital, marking enza’s first external investment.
Founded in 2022 by CEO Hany Fekry and COO Hamish Houston, both former executives at Network International, enza offers comprehensive payment solutions that enable banks and fintechs to provide seamless, locally relevant payment capabilities, including cards, wallets, and real-time payments. The platform aims to reduce transaction costs, allowing clients to expand their market reach and establish foundations for broader financial services relationships.
The newly acquired capital will be utilized to strengthen enza’s presence in key African markets such as Egypt, Nigeria, and South Africa, foster deeper partnerships, and enhance responsiveness to the localized needs of its growing client base.
This strategic expansion aligns with enza’s goal to address the challenges and opportunities presented by Africa’s rapidly growing, digitally connected population.
CEO Hany Fekry expressed enthusiasm about the partnership with Algebra Ventures and Quona Capital, stating that the investment is a strong endorsement of enza’s team, services, and commitment to empowering banks and fintechs to drive financial inclusion across the continent.
Tarek Assaad, Managing Partner at Algebra Ventures, highlighted enza’s potential to transform Africa’s payments ecosystem by delivering essential infrastructure for banks and fintechs.
Johan Bosini, Partner at Quona Capital, emphasized the significance of supporting enza’s experienced team in their journey to impact financial inclusion through seamless access to digital payments.
By leveraging this investment, enza aims to empower African financial institutions with market-leading capabilities and innovation, reducing the cost of transacting and enabling clients to serve larger target markets profitably. This approach is expected to facilitate the cross-selling of other financial services products, leveraging the intelligence generated by underlying transaction data.
Enza’s initiatives come at a critical time, as Africa’s financial landscape continues to evolve with a growing emphasis on digital solutions to enhance financial inclusion and economic development across the continent.
Read more on Tech Gist Africa:
Widebot, an Egyptian AI startup, has secured $3 million in a pre-Series A funding round
Qme, an Egyptian B2B SaaS startup has raised $3 million in a seed funding round
Taager, an Egyptian social commerce startup Secures $6.75M in Pre-Series B Funding
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