enza, a provider of African payment solutions based in Cairo, has secured US$6.75 million in seed funding from Algebra Ventures and Quona Capital.
This is the company’s first external investment and will support its expansion across key markets in Africa.
enza offers banks and fintechs payment services such as card issuing, digital wallets, and real-time transactions.
The investment will help the company expand its operations, develop partnerships, and tailor its services to local market needs.
Founded by professionals with experience in global and African payments, enza works to lower the cost of digital transactions and improve financial access.
“We are pleased to partner with Algebra Ventures and Quona Capital, who share our goal of improving financial services in Africa through digital payments,”
said Hany Fekry, CEO of enza.
“This funding recognises our team, our services, and our focus on financial inclusion.”
With a large portion of Africa’s population unbanked and over 60 million SMEs lacking financial services, enza aims to help financial institutions expand their reach.
The company’s platform supports local and international payment methods, including domestic card schemes, real-time payments, mobile money, and BNPL.
It also allows financial institutions to use transaction data to offer additional financial products.
“enza is in a strong position to improve Africa’s payments infrastructure by providing essential services to banks and fintechs,”
said Tarek Assaad, Managing Partner at Algebra Ventures.
“The leadership team has extensive experience in African fintech and has rapidly expanded its presence.”
Featured image credit: edited from freepik
