Egyptian payment solutions startup enza has raised US$6.75 million in seed funding to accelerate its mission to liberate the world of payments for more inclusive, opportunity-led commerce across the African continent.
enza provides comprehensive payment solutions that empower banks and fintechs to provide seamless, locally relevant payment capabilities, including cards, wallets, and real-time payments.
The startup’s US$6.75 million seed round was co-led by Algebra Ventures and Quona Capital, and marks its first external funding. enza will use the funding to strengthen its presence across key markets in Africa, fostering deeper partnerships, and improving responsiveness to the localised needs of its growing client base.
“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,” said Hany Fekry, CEO of enza. “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.”
Tarek Assaad, managing partner at Algebra Ventures, said enza was “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,” he said.
“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,” said Johan Bosini, partner at Quona Capital.
