Kenyan fintech start-up HoneyCoin has raised $4.9 million (approximately Ksh.632 million) in seed funding to accelerate its expansion across Africa, Latin America, and Asia.
The funding round was led by Flourish Ventures, with participation from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.
Founded in 2020 by David Nandwa (CEO), HoneyCoin develops stablecoin-powered payment infrastructure that integrates directly with banks, mobile money platforms, and global payment partners. The platform enables businesses to transfer funds within hours significantly faster and at a fraction of the cost compared to traditional payment methods.
The start-up says it currently processes over $150 million in monthly transactions, serving 350 enterprise clients and 326,000 direct consumers. Remarkably, HoneyCoin has been profitable for the past two years. Most of its revenue is derived from B2B settlement and acquiring services, with corporate clients paying up to $2,500 per month to use its payment API.
Operating in 15 African countries, as well as the United States and parts of Europe, HoneyCoin is gearing up for a wave of new product launches in Q3 2025. Planned rollouts include a stablecoin-backed debit card in partnership with Visa, and a cross-border liquidity solution for African corporates developed with Interswitch.
The company is also preparing to launch a banking-as-a-service (BaaS) platform in Ghana, Malawi, and Tanzania, alongside a software-based point-of-sale (POS) solution targeting East African businesses.
Regionally, HoneyCoin is eyeing expansion into Mozambique, Zambia, Rwanda, and Francophone Africa. Globally, the company aims to position itself as a leader in facilitating fast, low-cost cross-border transactions in emerging markets.
CEO David Nandwa said the seed funding will be channeled into scaling the company’s technology infrastructure, hiring senior executives, obtaining additional operational licenses, and expanding its suite of business and consumer financial services.
“We are building the rails for faster, cheaper, and more reliable payments in regions that need it most,” Nandwa said. “This funding will help us take HoneyCoin to the next stage and reach millions more customers.”
With fresh capital and strategic backing from leading investors, HoneyCoin’s next phase of growth could mark a significant shift in the fintech landscape across emerging economies.
