Enza Secures $6.75M Seed Funding to Expand in Africa
UAE-based fintech Enza has closed a $6.75 million seed equity round co-led by Algebra Ventures and Quona Capital. Founded in 2023 by Hany Fekry, Enza provides payment solutions that enable banks and fintechs to offer locally relevant payment capabilities, including cards, wallets, and real-time payments. With a presence in Egypt, Nigeria, and South Africa, Enza plans to use the new capital to expand its operations and strengthen its presence in other key African markets.
Empowering Financial Inclusion
Enza’s payment solutions are designed to empower banks and fintechs with seamless, locally relevant payment capabilities. The company’s mission is to “liberate the world of payments for more inclusive, opportunity-led commerce” across Africa. The recent funding will accelerate Enza’s growth and enable it to foster deeper partnerships with financial institutions, improving its responsiveness to local market needs.
Strategic Partnerships for Growth
The partnership with Algebra Ventures and Quona Capital reinforces Enza’s goal to address the challenges and opportunities presented by Africa’s fast-growing, digitally connected population. With over 60 million underserved SMEs and a largely underbanked population, Enza is making a significant impact by enabling financial institutions to differentiate themselves and attract new customers with market-relevant products.
Looking Ahead
Enza aims to leverage the new capital to enhance its payment solutions and expand its reach across Africa. As Hany Fekry, CEO of Enza, 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.”
Source: Wamda