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Ex-Network International execs raise $6M for Enza, an African fintech servingbanks
Enza, a fintech startup founded by ex-Network International execs, raised $6M to provide comprehensive payment solutions for banks and fintechs in Africa. With a focus on underserved markets, Enza aims to facilitate payment acceptance for SMEs, connecting with local and global payment networks. The company's strategy leverages the founders' expertise and relationships, targeting initial operations in Egypt, Nigeria, and South Africa.
Key points
- Enza founded in 2022 by Hany Fekry and Hamish Houston, ex-Network International execs.
- Raised $6 million in seed funding led by Algebra Ventures and Quona Capital.
- Targets underserved businesses in Egypt, Nigeria, and South Africa by providing affordable payment solutions.
- Offers infrastructure for banks on issuing side and for SMEs and merchants on acceptance side.
- Seeks to help banks regain market share from fintechs by enhancing their payment infrastructure.
- Enza's platform integrates local and global payment solutions, including cards and real-time payments.
- The firm's transaction volume is growing rapidly, with expectations to double in the next two years.
Why it matters
- The fintech landscape in Africa is experiencing rapid growth, with increasing competition between traditional banks and fintech companies.
- Fintech startups are shifting from single service offerings to integrated solutions, commonly seen in 2025 IT trends.
- The rise of mobile payment systems and real-time infrastructure aligns with global trends towards digital financial services.
Enza's innovative approach to payment solutions not only fills critical gaps in Africa’s financial infrastructure but also marks a significant shift in how banks and fintechs can collaborate, potentially leading to a more inclusive financial ecosystem.