enza’s cofounders (L-R): Andrew Key, Hany Fekry, Hamish Houston. Image by enza.

enza, an Egyptian payment solutions start-up, has secured a $6.75 million seed funding round led by Algebra Ventures and Quona Capital to transform digital payments in Africa.

The African start-up's CEO, Hany Fekry, stated that this is the company's first outside funding.

He emphasised that it will significantly accelerate its aim to transform financial services in Africa and create more inclusive and opportunity-driven commerce.

“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,” said Fekry

He added that enza’s payment solutions enable banks and fintechs to offer seamless, locally relevant payment capabilities, such as cards, wallets, and real-time payments.

The infusion of capital will allow enza to expand its presence in key African markets, strengthen partnerships, and enhance its ability to respond to the specific needs of its growing client base, noted Fekry.

With over 60 million underserved small medium-sized and a largely underbanked population, Africa represents a massive opportunity for digital payment solutions.

Enza said it has already demonstrated its ability to address these challenges, enabling financial institutions to offer affordable, efficient digital payment options.

These solutions include domestic payment schemes, mobile money, and real-time payments, helping businesses reduce the cost of transactions and broaden their customer base.

Fekry highlighted that the $6.75 million financial boost will further enhance enza’s ability to provide scalable and localised payment solutions.

“By leveraging the intelligence generated from its payment platform, enza enables financial institutions to cross-sell additional services, driving growth and establishing long-term customer relationships,” he said.

Commenting on the partnership, Tarek Assaad, managing partner at Algebra Ventures, said: “The leadership team’s impressive track record in fintech, combined with enza’s innovative solutions, makes it a strong player in Africa’s digital economy.”

Johan Bosini, a partner at Quona Capital believes that his venture capital firm is collaborating with the right company to drive the digitisation of Africa’s financial landscape