Abu Dhabi-based payments startup enza has raised $6.75 million in a seed round co-led by Algebra Ventures and Quona Capital, marking its first external funding.
The company provides payment infrastructure for banks and fintechs across Africa, including cards, digital wallets and real-time payment products adapted to local markets.
enza said it will use the funding to expand in key African markets, strengthen partnerships and respond more quickly to client needs. Its platform is already used in several African countries for real-time payments, mobile money, buy now, pay later services, and domestic and international payment schemes.
According to the company, its tools help reduce the cost of digital payments, allowing clients to serve more customers profitably. Transaction data can also help those institutions offer additional financial services.
enza is targeting Africa’s underbanked population, including more than 60 million underserved small and medium-sized enterprises, according to the company.
The investors highlighted the founding team’s experience building payments businesses in Africa and globally. Algebra Ventures Managing Partner Tarek Assaad said the team had a strong track record in launching, scaling and exiting fintech companies across the continent.
Source: Fintech News
