Algebra Ventures and Quona Capital co-led a $6.75 million seed equity round that was recently closed by Enza, a prominent innovator in African payment solutions. With this milestone, Enza will receive its first outside funding, furthering its goal of “liberating the world of payments for more inclusive, opportunity-led commerce” throughout Africa.
Cards, wallets, and real-time payments are just a few of the seamless, locally relevant payment options that Enza’s comprehensive payment solutions enable banks and fintechs to offer. By strengthening its presence in important African markets and enhancing its ability to respond to the localized needs of its expanding clientele, Enza will be able to do so thanks to the capital infusion.
Enza was established by seasoned professionals with successful backgrounds in both international and African payments, and it is using this market expertise, track record, and experience to open doors for its clients in Africa. With cutting-edge payment services that can lower the cost of digital transactions, the company has already shown that it can address issues facing the local market.
“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’s goal is to facilitate more inclusive, opportunity-led commerce by enabling payments throughout the African continent. Enza provides market-leading capabilities and innovation to African banks, fintechs, and other financial institutions so they can stand out in their respective markets. Since the Enza services lower transaction costs, their clients can profitably serve larger target markets and lay the groundwork for more extensive financial services partnerships.
Enza’s mission to tackle the opportunities and challenges posed by Africa’s rapidly expanding, technologically savvy populace is strengthened by its collaboration with Algebra Ventures and Quona Capital. Enza is already having a big impact by helping financial institutions stand out from the competition and successfully draw in new clients with products that are relevant to the market, which is important given the continent’s 60 million underserved SMEs and largely underbanked populace.
By using the intelligence produced by the underlying data, the enza platform gives these clients the platform upon which to cross-sell additional financial services products. Existing client use cases include enabling digital payment options like mobile money, BNPL, real-time payment services, and domestic schemes in addition to international payment schemes, which unlock value for Enza’s customers as well as consumers and businesses across several African nations.
“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.
