Kenya-based fintech HoneyCoin has raised $4.9 million in seed funding led by Flourish Ventures, with backing from Visa and TLcom. The fintech plans top use the funding to expand its stablecoin-powered payment platform across Africa and global markets.
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The saw the participation of Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler. The investment will support HoneyCoin’s expansion plans, product development and recruitment of senior talent.
Founded in 2020 by David Nandwa, HoneyCoin is a licensed, profitable fintech serving over 350 enterprise clients and hundreds of thousands of consumers. Its flagship consumer app, Peer, and enterprise APIs process more than $150 million in monthly transactions across four continents.
“Our mission is to build the operating system for money, how it’s moved, held, and collected, regardless of medium or geography,” said Nandwa. “This raise enables us to lead that transformation, across Africa and other global markets, by building resilient, interoperable infrastructure for the future of finance.”
HoneyCoin’s platform integrates fiat and blockchain infrastructure, enabling instant or same-day settlements for collections, treasury management, FX, and payments. The company bypasses traditional snd oftenly fragmented financial rails that can take 4–7 business days for cross-border transactions by using stablecoin-based liquidity engine.
The service is operational in over 45 countries and is certified to PCI-DSS Level 1 standards. It supports mobile money, card, and bank payments in 15 African markets as well as the US, Canada, Europe, and the UK. The FXHub feature allows customers to trade 49 currencies at competitive rates.
It has partnered with MoneyGram, UBA Bank, and Stripe to provide customers with direct access to multiple payment networks. High-growth businesses such as Cedar Money, TerraPay, and Jiji already use the platform.
African Market Context
Cross-border transactions in Africa have long been hampered by high fees, lengthy settlement times, and regulatory fragmentation. Platforms such as HoneyCoin that are powered by stablecoin offer a compliant and scalable alternative. Businesses that regularly send and receive payments across borders find these platforms attractive.
Flourish Ventures first invested in HoneyCoin in 2021 and sees the startup as well-positioned to lead Africa’s next wave of compliant, blockchain-enabled finance. Efayomi Carr, Principal at Flourish Ventures, noted that HoneyCoin is already powering nearly 300 financial institutions and processing billions annually.
Visa’s Head of Crypto, Cuy Sheffield, added that the company demonstrates “how stablecoins can unlock more efficient and inclusive payment solutions in emerging markets.”
The funding will allow HoneyCoin to scale its compliance footprint across key jurisdictions, grow its developer-focused API suite, and further integrate with regional and global payment providers.
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Also Read: How OTC Crypto Trading and Stablecoins Are Supporting African Businesses Amid Dollar Shortages
