Enza, a startup specializing in embedded payment solutions, recently secured $6.75 million in seed equity funding. The funding round was co-led by Algebra Ventures and Quona Capital, showcasing strong support from prominent investors in the fintech industry.
Established in 2023 by former executives of Network International, Enza’s payment platform is designed to cater to the specific needs of banks and fintech companies operating in African markets. Their services include card issuance, digital wallets, and real-time payment solutions, offering a comprehensive suite of payment options for both businesses and consumers.
One of the key features of the Enza platform is its support for both the issuing and acceptance sides of transactions. This flexibility allows banks and fintechs to seamlessly integrate Enza’s solutions into their operations, while also providing SMEs and merchants with easy access to a wide range of payment methods.
Enza has already made significant strides in the African market, with successful implementations of digital payment solutions in various countries. These include domestic payment schemes, real-time payment services, mobile money, and Buy Now, Pay Later options, as well as international payment schemes across multiple African nations.
With a presence in Egypt, Nigeria, and South Africa, Enza is now poised to expand its reach into other key markets across the continent. The recent funding injection will support their growth initiatives and help them establish a stronger foothold in emerging African economies.
The leadership team at Enza brings a wealth of experience from their previous roles at Network International, where they spearheaded global acceptance, processing, and consumer finance divisions. This expertise has been instrumental in shaping Enza’s innovative payment solutions and driving their mission to promote financial inclusion in Africa.
Hany Fekry, CEO of Enza, expressed his confidence in the company’s future prospects, stating, “This investment is a strong vote of confidence in our team, our market-leading solutions, and our dedication to empowering banks and fintechs to advance financial inclusion across the continent.”
As Enza continues to make strides in the African fintech landscape, investors and industry observers are eagerly watching to see how the company will leverage its funding to drive further innovation and expansion in the region.
(Source: https://www.finextra.com/newsarticle/45700/embedded-payments-startup-enza-raises-675-million)
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