Fintech Startup Canza Finance Raises USD 2.3 M Funding

Canza Finance, a Web3 neobank enabling cross-border payments for African startups, has closed a USD 2.3 M strategic round. The company will use the funding round to acquire licenses from diverse financial regulators across Africa and build the foundation for its innovative FX DeFi platform, Baki.

Canza works with FX agents in these regions to provide a faster and cheaper way to send and receive money. To complete a transaction, businesses have to submit a valid invoice and complete the KYC/KYB processes. Canza determines the exchange rate for the transaction and completes the transaction within 24 hours. Through Baki, Canza uses stablecoins, digital currencies pegged to the dollar, to help businesses swap their currencies to the dollar without incurring hefty forex fees.