African Fintech enza Secures $6.75M Seed Funding to Drive Payment Innovations Across Africa

enza, an African fintech platform, has successfully secured a $6.75 million seed equity investment co-led by Algebra Ventures and Quona Capital.

This funding marks enza’s first external funding and is set to accelerate its mission to “liberate the world of payments for more inclusive, opportunity-led commerce across the African continent.

enza’s comprehensive solutions empower banks and fintech 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.

Speaking on the investment, Hany Fekry, CEO of enza said,

“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 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”.

Also commenting, Tarek Assaad, Managing Partner at Algebra Ventures said,

“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.”

Founded by a team of seasoned experts, enza is committed to delivering agile, innovative, and secure payment solutions designed specifically for Africa’s unique challenges. The platform is on a mission to liberate payments across the African continent, for a more prosperous, financially inclusive Africa.

enza currently operates in South Africa, and Egypt, and plans to launch in Nigeria soon. The platform believes that the right payment capability has the power to free the fast-changing world of commerce, for a more intelligent, insightful, and inclusive future. The platform partners with giant payments brands such as Visa, terrapay, and Compass Plus Technologies.

Last month, enza announced a partnership with Entersekt, a global leader in financial authentication. This collaboration strengthens its commitment to enhancing payment security and fraud prevention, ensuring seamless digital banking experiences.

By integrating Entersekt’s Context Aware™ Authentication into the enza technology suite, it enables the fintech to empower banks to combat fraud with advanced, multi-factor authentication including OTP, biometrics, and risk-based authentication all within the 3-D Secure ecosystem.

Its recent partnership with Algebra Ventures and Quona Capital reinforces the company’s goal to address the challenges and opportunities presented by Africa’s fast-growing, digitally connected population.

With over 60 million underserved SMEs across the continent and a largely underbanked population, enza is already making a significant impact by enabling financial institutions to differentiate themselves and to profitably attract new customers with market-relevant products. The enza platform provides the foundation for these clients to then cross-sell other financial services products by leveraging the intelligence generated by the underlying data.

Existing client use cases include the enablement of digital payment options such as domestic schemes, real-time payment services, mobile money, and BNPL, alongside the international payment schemes, unlocking value for enza’s customers and Consumers and Businesses in multiple African countries.