Kenyan Fintech HoneyCoin Raises $4.9M to Expand Stablecoin Payments in Africa and Beyond
HoneyCoin aims to disrupt Africa's large cross-border payments market, which is often characterized by high fees and slow settlement times.
Kenyan fintech startup HoneyCoin has secured $4.9 million in seed funding to expand its stablecoin-powered payment services into new markets across Africa, Latin America, and Asia. The funding round was led by Flourish Ventures, with participation from other notable investors including TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.
HoneyCoin aims to disrupt Africa’s large cross-border payments market, which is often characterized by high fees and slow settlement times. The company’s blockchain-powered infrastructure connects to existing banks and mobile money networks, allowing businesses to move funds in hours rather than days and at a significantly lower cost.
According to founder and CEO David Nandwa, the company is already profitable and processes $150 million in monthly transactions for 350 enterprise clients and over 326,000 consumers. The new funding will help the company pursue its mission of building a new “operating system for money,” similar to how Apple redefined computing.
