Kenyan fintech startup HoneyCoin has secured $4.9 million in seed funding to scale its stablecoin-enabled payment infrastructure across Africa, Latin America, and Asia.
Founded in 2020 by David Nandwa, HoneyCoin provides a full-stack financial orchestration platform for both businesses and consumers. Its offerings include payment collection, real-time transfers via stablecoins and traditional rails, and the issuance of bank accounts, debit cards, and wallets across over 45 countries spanning four continents.
Today, HoneyCoin processes over $150 million in monthly transaction volume, supports 350 enterprise customers, and reaches more than 326,000 direct consumers via its consumer app, Peer. The platform serves millions of end-users globally.
The funding round was led by Flourish Ventures, with participation from Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler.
“We’re profitable and have been for the past two years,” said David Nandwa, Founder and CEO of HoneyCoin. “Our mission is to build the operating system for money how it’s moved, held, and collected, regardless of medium or geography.”
Efayomi Carr, Principal at Flourish Ventures, added:
“We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision… This follow-on investment reflects our deep confidence in HoneyCoin’s results to date—and its potential to lead the next generation of compliant, blockchain-enabled finance across Africa.”
Visa also weighed in via Cuy Sheffield, Head of Crypto:
“HoneyCoin is tackling real-world challenges in cross-border payments and financial access across Africa… a strong example of how stablecoins can unlock more efficient and inclusive payment solutions in emerging markets.”
Expansion Roadmap
With the new capital, HoneyCoin plans to:
- Expand into Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia
- Hire senior executives and build out licensing and compliance capabilities
- Launch several new products, including:
- A Visa-backed stablecoin debit card
- A cross-border liquidity solution for corporates with Interswitch
- Banking-as-a-Service (BaaS) offerings in Ghana, Malawi, and Tanzania
- A software POS solution for East African merchants.
Africa’s cross-border payments market is estimated at $329 billion, plagued by delays and high fees. HoneyCoin’s stablecoin-powered infrastructure slashes settlement times from days to hours and dramatically lowers costs, bolstering financial inclusion and competitiveness across emerging markets.
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