• UAE-based fintech enza has secured a $6.75 million seed equity round, co-led by Algebra Ventures and Quona Capital.
• Founded in 2023 by Hany Fekry, enza’s payment solutions allow banks and fintechs to provide locally relevant payment capabilities, including cards, wallets, and real-time payments. 
• With a presence in Egypt, Nigeria and South Africa, the new capital infusion will enable enza to strengthen its presence across other key markets in Africa.

Press release:

enza, a leading innovator in African payment solutions, announced today that it has secured a $6.75 million investment in a seed equity round co-led by Algebra Ventures and Quona Capital. This milestone marks the first external funding for enza and will accelerate the company’s mission to “liberate the world of payments for more inclusive, opportunity-led commerce” across the African continent.

enza’s comprehensive payment solutions empower banks and fintechs to provide seamless, locally relevant payment capabilities, including cards, wallets, and real-time payments. The capital infusion will enable enza to strengthen its presence across key markets in Africa, fostering deeper partnerships and improving responsiveness to the localised needs of its growing client base. 

Founded by payments industry stalwarts with accomplished careers in both global and African payments, enza is harnessing this market experience, knowledge, and track record to unlock opportunities for its clients in Africa. The business has already demonstrated the ability to tackle local market problems with innovative payment services that can reduce the cost of digital transactions. 

“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.”

enza are liberating payments across the African continent with the mission to enable more inclusive, opportunity-led commerce. enza empowers African banks, fintechs, and financial institutions with market-leading capabilities and innovation to differentiate themselves in their market. The enza services reduce the cost of transacting, thereby enabling their clients to profitably serve larger target markets and establish the foundations of broader financial services relationships.

Strategic Partnerships for Growth

The partnership with Algebra Ventures and Quona Capital reinforces enza’s goal to address the challenges and opportunities presented by Africa’s fast-growing, digitally connected population.  With over 60 million underserved SMEs across the continent and a largely underbanked population, enza is already making a significant impact by enabling financial institutions to differentiate themselves and to profitably attract new customers with market-relevant products.  

The enza platform provides the foundation for these clients to then cross-sell other financial services products by leveraging the intelligence generated by the underlying data.  Existing client use cases include the enablement of digital payment options such as domestic schemes, real-time payment services, mobile money, and BNPL, alongside the international payment schemes, unlocking value for enza’s customers and Consumers and Businesses in multiple African countries.

"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. “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.”

“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.