Enza, a payment solutions provider focused on Africa, has secured $6.75m in a seed funding round, jointly led by Algebra Ventures and Quona Capital.
The payments firm serves banks and fintech companies, helping them offer region-specific capabilities such as cards, digital wallets, and real-time payment services.
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Its offerings are claimed to lower transaction costs, enabling clients to expand their market reach and build the foundation for broader financial service offerings.
With the fresh infusion, enza aims to bolster its footprint in key African markets, build stronger alliances, and better cater to the diverse needs of its growing customer base.
This investment represents enza’s first external funding and will support the company in its efforts to drive inclusive commerce across Africa.
Enza CEO Hany Fekry 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 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.”
The backing from Algebra Ventures and Quona Capital further aligns with enza’s ambition to address the challenges and opportunities presented by Africa’s rapidly expanding, digitally connected population.
Algebra Ventures managing partner Tarek Assaad 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 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.”
