African payment solutions company Enza announced that it has secured a $6.75 million investment in a seed equity round led byAlgebra Ventures andQuona Capital.
The capital will enable Ena to strengthen its presence across key markets in Africa and improve its responsiveness to the localised needs of its client base. The company has headquarters in the UAE and operates in various African markets including Egypt, Nigeria and South Africa.
“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 commitment to empowering banks and fintechs to drive financial inclusion across the continent” said Hany Fekry, CEO of Enza.
Enza was founded and launched in 2023 by Hany Fekry and Hamish Houston, former Network International executives. The company offers various payment solutions to enable banks and fintechs to provide products such as cards, (digital) wallets and real-time payment to their customers.
Furthermore, the company's platform enables its clients to cross-sell other financial services products leveraging the intelligence generated by the underlying data. Some of Enza’s client use-cases include the enablement of digital payment options such domestic schemes, real-time payments services, mobile money, and buy-now-pay-later (BNPL), alongside other international payment schemes.
The partnership with Algebra Ventures and Quona Capital is set to reinforce the company’s goal to provide alternative funding solutions to fintechs and banks that serve small to medium-sized enterprises (SMEs) across Africa.
Speaking on the new partnership, Tarek Assaad, Managing Partner at Algebra Ventures said: “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.”
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