Egyptian-led fintech startup Enza wrapped up its first external funding round, raising USD 6.8 mn in seed equity in a transaction jointly led by our friends at regional player Algebra Ventures and US-based Quona Capital, the Abu Dhabi-headquartered payments firm said in a statement (pdf). Veteran fintech investor Hossam Abou Moussa (podcast), a longtime friend of EnterpriseAM, is an early angel investor in the company.

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Enza? Enza is an Egyptian-founded, pan-African payments solution company with regional offices in Egypt, South Africa, and Nigeria. The company targets retail consumers and businesses across the continent, providing payment solutions that allow banks and fintechs to provide “seamless, locally relevant payment capabilities, including cards, wallets, and real-time payments.” After being founded in 2023, the startup partnered with TerraPay and made it onto the Visa Accelerator Program under the leadership of founder and CEO Hany Fekry.

What’s the money for? Enza will use the funds to grow in African markets as well as to push “deeper partnerships” while “improving responsiveness to the localized needs of its growing client base,” according to the statement.

What they said: “This investment is a strong endorsement of our team, our market-leading services, and our commitment to empowering banks and fintechs to drive financial inclusion across the continent,” said Fekry.

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