Transaction Summary
Enza Group (enza), a UAE-headquartered fintech company with operations in Egypt, Nigeria and South Africa, has secured $6.75 million in its first external funding round. Algebra Ventures (Algebra) and Quona Capital Management LLC (Quona) co-led the seed equity investment. Founded in 2023, enza provides payment solutions that enable banks and fintechs to offer locally relevant capabilities, including cards, wallets, and real-time payments. This funding will help enza expand its mobile platform, scale operations in its core markets, and secure strategic partnerships.
Terms
- Fund Managers: Algebra Ventures, Quona Capital Management LLC
- Target: Enza Group
- Financing Type: Equity
- Transaction type: Investment
- Investment Type: Venture Capital
- VC Funding Round: Seed
- Financing Instrument: Ordinary Shares
- Amount: $6.75 million
Transaction Rationale
While many fintechs in Africa have focused on merchant acquiring to outpace traditional banks, the founders of enza—seasoned executives from Network International, a leading payment processor in the Middle East and Africa—have identified a unique opportunity to
