Kenya: HoneyCoin Raises $4.9M to Accelerate Payment Infrastructure Expansion Across Emerging Markets

Kenyan fintech HoneyCoin has secured $4.9 million in seed funding to expand its stablecoin-powered payment infrastructure across Africa, Latin America, and Asia.

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

Founded in 2020, HoneyCoin enables businesses and individuals to move money across borders within hours, connecting directly to banks, mobile money operators, and global payment partners to lower settlement costs and speed up transactions.

The Nairobi-based firm processes more than $150 million in monthly transactions for millions of users in 45+ countries, supporting payment collection, instant transfers via stablecoins and traditional rails, and issuance of bank accounts, debit cards, and wallets. Clients include Cedar Money, TerraPay, and Jiji.

“HoneyCoin is tackling real-world challenges in cross-border payments and financial access across Africa,” said Cuy Sheffield, Head of Crypto at Visa. “It’s a strong example of how stablecoins can unlock more efficient and inclusive payment solutions in emerging markets.”

According to founder and CEO David Nandwa, the company has been profitable for two years. The new capital will fund market entry into Mozambique, Zambia, Rwanda, and Francophone Africa, secure additional licences, and launch products such as a Visa-backed stablecoin debit card, a corporate cross-border liquidity solution with Interswitch, and a banking-as-a-service platform in Ghana, Malawi, and Tanzania.

Efayomi Carr, Principal at Flourish Ventures, said: “We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision. Since then, he’s built a licensed, profitable, and high-growth platform powering nearly 300 financial institutions and processing billions in transactions annually.”

HoneyCoin holds licences in Canada, the US, Europe, and several African markets, with direct partnerships spanning banks, mobile operators, and payment providers. The company reports 16% month-on-month growth in B2B settlement volumes and a 5% monthly increase in consumer activity on its Peer app.

“Our mission is to build the operating system for money—how it’s moved, held, and collected, regardless of medium or geography,” Nandwa said. “This raise enables us to lead that transformation across Africa and beyond.”