Enza, an Egyptian payment solutions startup, has successfully secured $6.75 million in its first external funding round, co-led by Algebra Ventures and Quona Capital.

Since its inception in 2023, Enza has already achieved over 10 million monthly transactions across six African markets, including Nigeria, Ghana, and South Africa, with a remarkable month-over-month growth rate of 35-40%.

The funding will be utilized to enhance financial inclusion across Africa by reducing transaction costs, enabling financial institutions to reach wider markets and build stronger customer relationships.

Co-founder Hamish Houston noted that banks have recognized their loss of market share to fintech competitors, and Enza aims to equip them with technology to regain their competitive edge.

CEO Hany Fekry expressed enthusiasm about the partnership with Algebra Ventures and Quona Capital, emphasizing their shared vision for transforming financial services in Africa.

Enza's approach prioritizes financial inclusion, allowing small businesses to accept payments at minimal costs while leveraging transaction data to help banks offer additional services like lending and insurance.

Unlike traditional payment processors that focus solely on merchant acquiring, Enza supports both the issuing and acceptance sides of payment transactions, providing a comprehensive solution.

Plans for the future include strengthening market presence, forming new partnerships, and enhancing responsiveness to the needs of financial institutions and businesses.

The company enhances transparency and control for banks over their payment ecosystems, ensuring compliance and scalability in their operations.

Enza offers a variety of payment solutions, including cards, wallets, and real-time payments, while integrating with both local and global payment networks like Visa and Mastercard.

Johan Bosini from Quona Capital highlighted the potential impact of Enza’s solutions on driving financial inclusion for SMEs and the broader community.

The founders identified a gap in comprehensive payment solutions for banks and fintechs in Africa, which they aim to address through their innovative platform.