Young Kenyan innovator bags $4.9 million to revolutionize digital payment systems utilizing stablecoins
HoneyCoin Raises $4.9 Million in Seed Funding Round
HoneyCoin, a Pan-African payment orchestration platform, has announced a successful $4.9 million seed funding round, led by Flourish Ventures. The company aims to develop a financial operating system for a hybrid future, where fiat and blockchain infrastructure converge to facilitate faster, compliant, and cost-efficient cross-border money movement.
The platform serves over 350 enterprise customers and hundreds of thousands of consumers across more than 45 countries, including 15 African markets, the US, Canada, Europe, and the UK. HoneyCoin processes billions in transactions annually, powering nearly 300 financial institutions and handling hundreds of millions of dollars in transactions monthly.
Efayomi Carr, Principal at Flourish Ventures, stated that HoneyCoin has built a licensed, profitable, and high-growth infrastructure platform. The new fund will help scale HoneyCoin's operation, expand its product suite, and bring on new senior hires.
David Nandwa, the CEO of HoneyCoin, believes that financial infrastructure is undergoing a once-in-a-generation shift. He launched the company in 2020 during the pandemic and became one of Africa's youngest fintech CEOs at the age of 19.
By utilizing a stablecoin-based liquidity engine and bypassing fragmented rails, HoneyCoin provides instant or same-day settlements, compared to the traditional four to seven-business-day timeframe. The platform offers a unified, stablecoin-compatible platform for collections, treasury management, settlements, and FX management, targeting inefficiencies in global financial infrastructure, particularly for businesses in pre-emerging markets.
Investors in HoneyCoin include Flourish Ventures, Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler. The round was led by Flourish Ventures, with participation from Visa, TLcom, Stellar Development Foundation, Lava, and others.
With this funding, HoneyCoin plans to continue its mission of building resilient, interoperable infrastructure for the future of finance, across Africa and other global markets. The company's long-term goal is to become the go-to platform for businesses and consumers seeking fast, compliant, and cost-efficient cross-border money movement.
[1] Press Release: HoneyCoin Raises $4.9 Million in Seed Funding Round (https://www.honeycoin.io/press-releases/honeycoin-raises-4-9-million-in-seed-funding-round/)
[2] TechCrunch: HoneyCoin, a Pan-African payment orchestration platform, raises $4.9 million (https://techcrunch.com/2022/04/19/honeycoin-raises-4-9-million-to-build-pan-african-payment-orchestration-platform/)
[3] FintechZoom: HoneyCoin, a Pan-African payment orchestration platform, raises $4.9 million (https://fintechzoom.com/news/honeycoin-pan-african-payment-orchestration-platform-raises-4-9-million/)
[4] Business Insider: HoneyCoin, a Pan-African payment orchestration platform, raises $4.9 million (https://www.businessinsider.co.za/honeycoin-raises-4-9-million-to-build-pan-african-payment-orchestration-platform/)
[5] Yahoo Finance: HoneyCoin, a Pan-African payment orchestration platform, raises $4.9 million (https://finance.yahoo.com/news/honeycoin-pan-african-payment-orchestration-platform-190000839.html)
- The fundraising round for HoneyCoin, a Pan-African payment orchestration platform, was led by Flourish Ventures, with the aim of developing a financial operating system that combines fiat and blockchain infrastructure to boost business efficiency.
- As HoneyCoin expands its product suite and continues to scale its operations, the company plans to leverage technology to offer a unified platform for businesses in pre-emerging markets, aiming to become the go-to choice for fast, compliant, and cost-efficient cross-border money movement.
