Enza is a financial technology company that was co-founded by Hany Fekry and Hamish Houston in 2022. It’s disrupting Africa’s financial ecosystem with creative solutions. Officially launched in January 2023, Enza aims to bridge gaps in the fintech sector by serving both banks and small businesses. The company has managed to raise a sizeable $6 million seed funding, led by Algebra Ventures and Quona Capital. This funding will accelerate the expansion of Enza’s team. It will enable it to roll out more innovative security and banking products for its financial institution clients across Africa.
From their time at Network International, Fekry and Houston use that experience to power Enza’s mission. The platform is specifically built for banks and fintechs that issue embedded services. Beyond consumer use, it has played an active role in promoting the benefits of SMEs and merchants accepting transactions digitally. Enza connects to local card schemes like Verve, AfriGo and Meeza, as well as global networks like Visa and Mastercard. It hooks into real-time payment infrastructures, such as Nigeria’s NIBSS, South Africa’s PayShap, and Egypt’s InstaPay.
A New Dawn for African Payments
Enza which is intent on changing payment rails of Africa’s informal economy. Compatible with QR codes, buy-now-pay-later (BNPL) and contactless payment features, the platform offers agile, adaptable solutions designed around today’s demands. Enza charges banks on a per-transaction basis. This profitable model is a win-win situation that provides an antidote to disenfranchisement, drawing financial institutions and their clientele.
Fekry expressed the motivation behind Enza's inception:
“We founded Enza to solve real infrastructure problems across Africa,” – Fekry
The company’s innovative approach is transforming payment systems and empowering small businesses to accept in-person and online payments at minimal costs.
Strategic Partnerships and Market Focus
Enza is looking to sign on 30 to 40 very high-quality bank relationships to create a strong, reliable network across the continent. The company has previously signed on more than 10 million monthly contracted transactions through live bank partnerships across six African markets.
Houston emphasized the company's strategic goals:
“We’re targeting 30 to 40 high-quality bank relationships,” – Houston
Enza is starting out with Egypt, Nigeria and South Africa, three of Africa’s largest and richest financial markets. The company seeks as much impact as possible by focusing on the unmet needs in these underserved economies.
Funding and Expansion Plans
That $6 million seed funding round was a watershed moment for Enza. New funding, led by Algebra Ventures and Quona Capital, signifies the strong belief investors have in Enza’s leadership and vision. Tarek Assaad, managing partner at Algebra Ventures, commented on the company's promising trajectory:
“The Enza leadership team has an impressive track record of starting, growing, and exiting fintech businesses across the continent,” – Tarek Assaad, managing partner at Algebra Ventures
The new capital will be key to accelerating Enza’s growing team and launching new products specifically designed for African banks. This growth strategy will support Enza’s ability to efficiently serve its growing customer base while providing robust technical assistance.
Bridging Gaps in the Market
CEO Fekry reflects on their strategic pivot:
“Our divergence prompted us to take a step back and rethink how to address these underserved needs in the market,” – CEO Fekry
Enza brings a fresh take to real infrastructure problems. This renewed emphasis has positioned them as a regional leader in making financial services more accessible across Africa.
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