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

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 with a mission “to enable more inclusive, opportunity led commerce” across the continent. 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? The fresh funds will be used to expand the fintech’s presence across key African markets, in addition to “fostering deeper partnerships, and 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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