Enza, a Dubai-based embedded payment startup founded by former executives from Network International, has successfully raised $6.75 million in a seed equity round, co-led by Algebra Ventures and Quona Capital.
Founded in 2023, Enza offers a payment portfolio that enables banks and fintech companies to provide locally relevant payment solutions in African markets, including cards, wallets, and real-time payments. The platform caters to both banks and fintechs on the issuing side and SMEs and merchants on the acceptance side, covering all aspects of the transaction process.
Current client use cases feature various digital payment options such as domestic schemes, real-time payment services, mobile money, and buy now, pay later (BNPL) solutions, in addition to international payment schemes across multiple African nations. With operations in Egypt, Nigeria, and South Africa, the new funding will help Enza expand its footprint into other critical African markets.
Prior to launching Enza, the founders held leadership roles in global acceptance, processing, and consumer finance at Network International. Hany Fekry, CEO of Enza, remarked, “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.”