Kenyan fintech start-up HoneyCoin has raised $4.9 million (about Ksh.632 million) in seed capital to accelerate its expansion into Africa, Latin America, and Asia.
The funding round was led by Flourish Ventures and backed by TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.
Founded in 2020 by CEO David Nandwa, HoneyCoin builds stablecoin-powered payment infrastructure that integrates directly with banks, mobile money networks, and global payment partners. The platform enables businesses to move funds within hours, rather than days, at a fraction of traditional costs.
HoneyCoin currently processes $150 million in transactions monthly, serving 350 enterprise clients and 326,000 direct consumers.
The company, which has been profitable for the past two years, generates most of its revenue from B2B settlement and acquiring services, with corporate customers paying up to $2,500 monthly to integrate its payments API.
Operating in 15 African countries, the US, and parts of Europe, the start-up plans to launch a stablecoin-backed debit card in partnership with Visa and a cross-border liquidity solution for African corporates with Interswitch in Q3 2025.
HoneyCoin also intends to roll out a banking-as-a-service platform in Ghana, Malawi, and Tanzania, along with a software-based point-of-sale solution for East Africa.
Nandwa said the fresh capital will be used to scale HoneyCoin’s technology, hire senior executives, obtain more regulatory licences, and broaden its services for businesses and consumers in emerging markets. Regionally, the company is targeting entry into Mozambique, Zambia, Rwanda, and Francophone Africa.
Written By Rodney Mbua
