enza secures $6.75 million seed to further expand in Africa
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Roya News
9 hours ago
- Roya News
Francesca Albanese loses blue checkmark on X after US sanctions
Francesca Albanese, the United Nations Special Rapporteur on the occupied Palestinian territories, has lost her "blue check" verification badge on X, formerly Twitter. The removal, which occurred today, marks the first reported instance of a UN official having their verified status removed from a major social media platform due to national sanctions. This action follows a legal appeal sent to X's owner, Elon Musk, by a law firm representing the Geneva-based watchdog UN Watch on July 31, 2025. UN Watch is often described as 'a lobby group with strong ties to Israel', and regulatory denounces what it says is anti-'Israel' sentiment at the UN and UN-sponsored events. The de-verification comes after the US government sanctioned Albanese on July 9, 2025. These sanctions, enacted under Executive Order 14203, include freezing any US-based assets, prohibiting her entry into the United States, and banning US citizens and entities from providing her with goods or services. US Secretary of State Marco Rubio justified the sanctions by stating Albanese had "spewed unabashed antisemitism, expressed support for terrorism, and open contempt for the United States, Israel, and the West," specifically citing her efforts to "prompt the International Criminal Court (ICC) action against US and Israeli officials, companies and executives". Albanese, an Italian human rights lawyer appointed UN Special Rapporteur in May 2022, has been a vocal critic of 'Israel's' actions in Gaza, asserting they amount to genocide and calling for an immediate ceasefire. She recently issued a report identifying US companies aiding Israel's occupation and war in Gaza. In response to the sanctions, Albanese dismissed them as "mafia-style intimidation techniques" and "obscene," reaffirming her commitment to justice and international law. X's policy mandates compliance with trade laws, including US sanctions, stating that individuals or entities on a restricted sanctions list "can't purchase X Premium to keep your verification".
Al Bawaba
15 hours ago
- Al Bawaba
Ajman Bank Hosts Strategic Corporate Tax Seminar to Empower UAE Businesses
Ajman Bank, a leading Islamic financial institution in the UAE, hosted an insightful Corporate Tax Seminar to support Small and Medium Enterprises (SME) clients in navigating the evolving tax landscape. Held in collaboration with MICS, the event underscored Ajman Bank's ongoing commitment to empowering businesses through financial expertise, regulatory awareness, and strategic seminar brought together industry experts, senior banking professionals, and SME leaders for an engaging morning of knowledge-sharing, discussion, and networking. Designed to address the real-time concerns of businesses in light of the UAE's corporate tax regime, the event focused on actionable insights and compliance the attendees, Mr. Faizal Kundil, Head of Consumer Banking at Ajman Bank, emphasised the importance of staying informed amid shifting fiscal policies. He stated, ''In an era where regulatory frameworks are rapidly evolving, particularly with the introduction of corporate tax, it is essential for businesses, especially SMEs, to stay ahead of change. At Ajman Bank, we believe our responsibility as a financial partner extends far beyond banking transactions. We are committed to empowering our clients through strategic insights, expert guidance, and tailored support to help them navigate complexity, ensure compliance, and drive sustainable growth.'The seminar featured expert-led sessions by specialists from MICS, including:• Kinjal Sampat, FCA and Associate Director – with extensive experience from PwC India• Kushal Kumar, CA and Manager – a specialist in transfer pricing and international tax• Prateek Tosniwal – a global subject matter expert on international tax structuringThe presentations covered critical topics such as key filing timelines, tax reliefs, documentation requirements, allowable deductions, and essential financial and non-financial disclosures. The seminar also featured a live Q&A session, where attendees addressed specific concerns directly with the the session, Mr. Jyoti Ranjan, Head of Business Banking at Ajman Bank, extended his appreciation to all participants and speakers. He said, 'Ajman Bank is proud to serve as a strategic ally to our SME clients, helping them stay ahead of regulatory changes and supporting their long-term growth journey.'The seminar concluded with a networking lunch, offering attendees the chance to engage with peers and speakers in an informal setting. Ajman Bank continues to strengthen its role as a trusted advisor to the SME sector, providing not only financial solutions but also business intelligence and thought leadership as part of its holistic approach to client success.
Wamda
17 hours ago
- Wamda
Wamda, Inc. Arabia collaborate to strengthen startup storytelling in MENA
Press release: Dubai, UAE – August 4, 2025 — Wamda, the platform dedicated to supporting entrepreneurship and innovation in the Middle East and North Africa (MENA), has entered into a collaboration with Inc. Arabia, the official Middle East edition of the US-headquartered which is published by 7awi Media Group, to broaden and enrich journalistic coverage of the region's startup ecosystem. This collaboration reflects a shared commitment to inclusive storytelling and media access for founders, entrepreneurs, and ecosystem enablers across the Arab world. By combining Wamda's regional network and ecosystem insights with Inc. Arabia's editorial reach and publishing capabilities, both entities aim to highlight the people and ideas shaping the MENA's innovation economy. 'At Wamda, we believe in the power of consistent and credible storytelling to support ecosystem growth. This collaboration with Inc. Arabia is a practical step toward expanding the visibility of entrepreneurial voices and contributing to a more informed and connected regional narrative,' said Fadi Ghandour, the CEO of Wamda. The collaboration will focus on co-publishing selected stories, exploring opportunities for research-based content, and ensuring broader reach for under-represented voices in the regional ecosystem. It also opens the door for potential joint initiatives that can deepen the media's role in supporting economic and social development through entrepreneurship. 'Inc. Arabia has always championed bold ideas and brave founders. This partnership with Wamda helps us go further—unearthing and amplifying stories that matter across the startup ecosystem,' said Anas (Andy) Abbar, CEO of the UAE-headquartered 7awi Media Group. 'Together, we're building the region's most powerful media engine for innovation and entrepreneurship.' In a region experiencing rapid digital transformation and an increasingly active startup landscape, both Wamda and Inc. Arabia see value in working together to provide high-quality, accessible coverage that informs, supports, and reflects the realities of entrepreneurship in the MENA. About Wamda Wamda is a leading platform tracking and supporting entrepreneurship and innovation across the Middle East and North Africa. Through its news coverage, research, and community programmes, Wamda provides in-depth insights into the region's startup ecosystem while fostering connections between founders, investors, corporates, and policymakers. About Inc. Arabia and 7awi Media Group Launched in the MENA region in 2023, Inc. Arabia is the official Middle East edition of Inc. Business Media—an award-winning US-based multimedia brand for entrepreneurs that aims to inform, educate, and elevate the profile of risk-takers, innovators, and go-getters who are creating the future. Inc. Arabia is part of 7awi (pronounced 'Hawi') Media Group, a leading MENA-based group that has been creating engaging, meaningful content across its publishing platforms for the past 12 years.
