Fueling Growth in Africa’s Fintech Sector
UAE-based fintech startup enza has secured $6.75 million in a seed equity round co-led by Algebra Ventures and Quona Capital. This funding marks enza’s first external investment and will accelerate its expansion into key African markets.
Founded in 2023 by Hany Fekry, enza provides payment solutions that enable banks and fintechs to offer locally relevant payment services. These services include cards, wallets, and real-time payments. With an existing presence in Egypt, Nigeria, and South Africa, the company aims to expand further across the continent. In addition, it wants to drive financial inclusion through digitized payment solutions.
Transforming Payments in Africa
enza’s mission is to “liberate the world of payments”, creating an inclusive and opportunity-driven financial ecosystem. By reducing the cost of digital transactions, enza helps banks and fintechs serve broader markets profitably. This is laying the foundation for a stronger digital financial network.
CEO Hany Fekry expressed excitement about the investment, stating:
“We are thrilled to partner with Algebra Ventures and Quona Capital, who share our vision of transforming financial services in Africa through the digitization of payments. This investment validates our team’s expertise, our market-leading solutions, and our commitment to financial inclusion across the continent.”
Expanding Financial Services Through Strategic Partnerships
With over 60 million underserved SMEs and a largely unbanked population, Africa presents a massive opportunity for fintech innovation. enza’s technology-driven approach empowers financial institutions to differentiate themselves, attract more customers, and offer relevant financial products tailored to local markets.
Through its data-driven payment solutions, enza not only facilitates digital transactions but also enables financial institutions to cross-sell other services, including domestic payment schemes, real-time payment services, mobile money, and BNPL (Buy Now, Pay Later).
Backing from Industry Leaders
Both Algebra Ventures and Quona Capital believe in enza’s potential to reshape Africa’s financial landscape.
Tarek Assaad, Managing Partner at Algebra Ventures, highlighted enza’s strong leadership and rapid market penetration, stating:
“enza is uniquely positioned to transform Africa’s payments ecosystem by delivering essential infrastructure to banks and fintechs. Their leadership team has a proven track record of building and scaling fintech businesses across Africa. We’re excited to support them on this journey.”
Johan Bosini, Partner at Quona Capital, echoed similar sentiments:
“Quona is excited to support this experienced team in driving financial inclusion by making digital payments more accessible for banks, fintechs, and SMEs across Africa.”
A Bright Future for Digital Payments in Africa
As Africa’s digital economy continues to expand, enza is set to play a key role in building the region’s next-generation payment infrastructure. With this new funding, the company will enhance its technology, expand partnerships, and broaden its reach, ultimately creating a more inclusive financial ecosystem for businesses and consumers across the continent.
