• enza secured a USD 6.75 million seed investment led by Algebra Ventures and Quona Capital to advance financial inclusion in Africa.
• The funding will help enza enhance payment infrastructure, focusing on reducing transaction costs and enabling financial inclusion.
• enza aims to address Africa’s underserved SMEs and underbanked populations by offering relevant, accessible payment solutions.

Enza

What happened? enza, secured USD 6.75 million investment in a seed equity round led by Algebra Ventures and Quona Capital. 

“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.

Who are they? enza provides comprehensive payment solutions to empower banks and fintech to provide seamless, locally relevant payment capabilities including cards, wallets and real time payments.

Its services aim to reduce the cost of transacting thus, enabling its clients to profitably serve larger markets. As well as, establish the foundations of broader financial services relationships.

Algebra Ventures is a tech-focused venture capital firm that invests in companies in Egypt and the African continent. Meanwhile, Quona Capital is a global venture capital firm investing in innovative tech companies that drive financial inclusion and economic opportunity in emerging markets. 

Inclusive Financing

What will they do with the funding? With the funding, it aims to accelerate its mission of a more inclusive, opportunity led commerce. Furthermore, it aims to tackle the challenges presented by Africa’s fast growing, digitally connected populations. It aims to enable financial institutions to differentiate themselves and attract new customers with market relevant products. 

Additionally, it aims to strengthen its presence across key markets in Africa and foster partnerships. It also seeks to improve responsiveness to the localized needs of its client base.

Why does this matter? There are over 60 million underserved SMEs across the continent and a large underbanked population. enza’s mission to liberate payments across the African continent and enable more inclusive and opportunity led commerce aims to tackle this challenge.