Enza has raised $6.5 million seed equity round co-led by Algebra Ventures and Quona Capital. Enza is an African payment startup that enables banks and fintechs to offer card and wallet services as well as instant payment.
The startup was founded by Hany Fekry in 2023 and it has operations in Abu Dhabi, Egypt, South Africa, and Nigeria.
Use for the Funding
According to the press release announcing the Enza funding, the only external investment the startup has raised since its founding will enable it: “Strengthen its presence across key markets in Africa, fostering deeper partnerships, and improving responsiveness to the localized needs of its growing client base.”
Attracting Africa’s Unbanked and Underserved Population
With over 60 million underserved SMEs across Africa and a largely underbanked population, Enza is allowing financial institutions to stand out and profitably attract new customers with market-relevant products.
Comments
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 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.”
“Enza is exceptionally well-positioned to transform Africa’s payments ecosystem by delivering the essential infrastructure that banks and fintechs require for success,” said Tarek Assaad, Managing Partner at Algebra Ventures.
“Quona is excited to support this experienced team on its journey to have a significant impact driving financial inclusion through seamless access to digital payments for banks, fintechs, and ultimately the SMEs they aim to serve,” added Johan Bosini, partner at Quona Capital.
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