Fintech start-up HoneyCoin raises Ksh.632M in seed capital

Kenyan fintech start-up HoneyCoin has secured $4.9 million (about Ksh.632 million) in seed funding to accelerate its expansion expand across Africa, Latin America, and Asia.

The round was led by Flourish Ventures, with backing from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.

Founded in 2020 by David Nandwa (CEO), HoneyCoin builds stablecoin-powered payment infrastructure that connects directly to banks, mobile money networks, and global payment partners.

The platform enables businesses to move funds in hours instead of days, at a fraction of traditional costs.

“Our mission is to build the operating system for money, how it's moved, held, and collected, regardless of medium or geography. Just as Apple redefined computing and Visa transformed global commerce, we believe financial infrastructure is undergoing another once-in-a-generation shift,” said Nandwa.

“This raise enables us to lead that transformation, across Africa and other global markets, by building resilient, interoperable infrastructure for the future of finance.”

The company says it processes $150 million in transactions every month, serving 350 enterprise clients and 326,000 direct consumers. It also says it has been profitable for two years.

Most of its revenue comes from business-to-business (B2B) settlement and acquiring services, with corporate customers paying up to $2,500 a month to integrate its payments application programming interface (API).

Operating in 15 African countries, the US, and parts of Europe, HoneyCoin plans to launch new products in Q3 2025, including a stablecoin-backed debit card in partnership with Visa, and a cross-border liquidity solution for African corporates with Interswitch.

The start-up also seeks to launch a banking-as-a-service (BaaS) product in Ghana, Malawi, and Tanzania, and a software POS (point-of-sale) solution for East Africa.

Nandwa said the funding would help scale HoneyCoin’s technology, hire senior executives, secure more licences, and expand its service offerings for businesses and consumers across emerging markets.

On the continent, the company eyes entry into Mozambique, Zambia, Rwanda, and Francophone Africa.

“We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision,” said Efayomi Carr, Principal at Flourish Ventures.

“Since then, he’s built a licensed, profitable, and high-growth infrastructure platform powering nearly 300 financial institutions and processing billions in transactions annually. This follow-on investment reflects our deep confidence in HoneyCoin’s results to date and potential to lead the next generation of compliant, blockchain-enabled finance across Africa.”