Kenyan Fintech HoneyCoin Secures USD 4.9 Mn In Seed Funding

Kenyan fintech HoneyCoin has announced that it has raised USD 4.9 million in seed funding. This money will be used to finance its plans to expand into Asia and Latin America, as well as the rest of Africa.

Founded in 2020 by (the then) 19-year-old David Nandwa, HoneyCoin is a payment system that uses stablecoins to facilitate cross-border payments across different platforms (banks, mobile money networks and global payment providers). “

They hope to make cross-border money transfers faster, cheaper and more efficient than traditional banking systems, using stablecoins and other regulated digital assets.

This round was led by Flourish Ventures, with participation from a number of other investors, including TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.

According to some sources, the recent USD 4.9 million raise brings HoneyCoin’s total capital raised to just over USD 5 million. These earlier investments, which were likely smaller and in “pre-seed” or early-stage rounds, also included backing from Flourish Ventures in 2021 and 2022, as well as from Antler.

HoneyCoin serves both businesses and individual consumers with its payments platform, forex trading, and enhanced digitial wallets that allow consumers to store their money in a variety of currencies, as well as make purchases.