Enza, a Dubai-based embedded payment startup founded by former executives at Network International, has secured a $6.75 million seed equity round, co-led by Algebra Ventures and Quona Capital.
Founded in 2023, enza’s payment portfolio allow banks and fintechs to provide locally relevant payment capabilities in African markets, including cards, wallets, and real-time payments.
Enza’s platform is designed for banks and fintechs on the issuing side, and SMEs and merchants on the acceptance side, covering both elements of the transaction chain.
Existing client use cases include the enablement of digital payment options such as domestic schemes, real-time payment services, mobile money, and BNPL, alongside the international payment schemes in multiple African countries.
With a presence in Egypt, Nigeria and South Africa, the new capital infusion will enable enza to strengthen its presence across other key markets in Africa.
Before launching enza, the founders managed global acceptance, processing, and consumer finance departments at Network International.
Hany Fekry, CEO of enza, says: “This investment is a strong endorsement of our team, our market-leading services, and our commitment to empowering banks and fintechs to drive financial inclusion across the continent.”