HoneyCoin, a Nairobi-based fintech startup, has secured US$4.9 million in a seed funding round led by Flourish Ventures, with participation from Visa Ventures, TLcom Capital, and other global and regional investors.
- •The capital injection aims to accelerate the growth of the company’s stablecoin-compatible payment platform..
- •Founded in 2020 by David Nandwa, HoneyCoin offers a financial operating system that merges traditional fiat rails with blockchain infrastructure.
- •The platform processes over US$150 million in monthly transaction volume and serves more than 350 enterprise customers spanning over 45 countries on four continents.
“Our mission is to build the operating system for money, how it’s moved, held, and collected, regardless of medium or geography. Just as Apple redefined computing and Visa transformed global commerce, we believe financial infrastructure is undergoing another once-in-a-generation shift,” CEO and founder David Nandwa said.
The startup addresses long-standing inefficiencies in cross-border payments and treasury management, which typically involve slow settlement times of 4 to 7 business days. By leveraging stablecoins, HoneyCoin’s platform provides instant settlements, helping businesses bypass fragmented payment rails and reducing costs significantly.
“HoneyCoin is tackling real-world challenges in cross-border payments and financial access across Africa. It’s a strong example of how stablecoins can unlock more efficient and inclusive payment solutions in emerging markets,” said Cuy Sheffield, Head of Crypto at Visa.
HoneyCoin has secured regulatory licenses across key markets including the US, Canada, the European Union, and various African jurisdictions, supporting compliance and risk management. The platform integrates with banks, telecom operators, and global payment providers such as MoneyGram, UBA Bank, and Stripe. It is currently used by high-growth fintech companies and enterprises including Cedar Money, TerraPay, and Jiji.
“We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision. Since then, he’s built a licensed, profitable, and high-growth infrastructure platform powering nearly 300 financial institutions and processing billions in transactions annually,” Flourish Ventures Principal Efayomi Carr said.
“This follow-on investment reflects our deep confidence in HoneyCoin’s results to date and potential to lead the next generation of compliant, blockchain-enabled finance across Africa,” Efayomi added.
The new funding will be deployed to expand HoneyCoin’s product offerings, strengthen its compliance capabilities, and increase senior leadership hires.
Flourish Ventures is a global early-stage venture firm with an US$850 million portfolio focused on fintech and financial inclusion. Visa’s involvement further underscores institutional confidence in blockchain-enabled payment solutions for Africa’s rapidly growing digital economy.
