Stablecoin payment network HoneyCoin secures $4.9 million funding to expand payment solutions across Africa and globally.
HoneyCoin Secures $4.9 Million Seed Funding for Global Expansion
HoneyCoin, a Kenya-based stablecoin-compatible payment orchestration platform, has raised $4.9 million in a seed funding round led by Flourish Ventures. The funds will be used to expand into new markets across Africa, Latin America, and Asia.
Founded in 2020, HoneyCoin currently operates in 15 countries, including Africa, the US, Europe, and other emerging markets. The platform processes $150 million monthly for over 350 enterprise clients and 326,000 consumers, primarily offering B2B settlement services.
HoneyCoin's blockchain-powered infrastructure connects banks, mobile money systems, and global payment networks for transparent, low-cost same-day settlements. The company's client base includes Cedar Money, TerraPay, Jiji, and has built direct integrations with banks and telcos like MoneyGram, UBA Bank, and Stripe.
Efayomi Carr, Principal at Flourish Ventures, praised HoneyCoin as a leader in the next generation of compliant, blockchain-enabled finance in Africa. He noted that since 2021, CEO David Nandwa, who launched the company at the age of 19 during the pandemic, has built a licensed, profitable, high-growth infrastructure platform processing billions in transactions annually.
The expansion will focus on Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia. HoneyCoin holds multiple licenses, including Money Service Business (MSB) licenses in Canada and the US, a virtual asset service provider (VASP) license in Europe, and Letters of No Objection (LNOs) from regulators in Nigeria, Kenya, and Tanzania, aiding its regulatory compliance as it enters new markets.
The funds will be used to make senior hires, secure additional licenses, and roll out new products. These include a Visa-backed stablecoin debit card, a cross-border liquidity solution with Interswitch, banking-as-a-service (BaaS) offerings in Ghana, Malawi, and Tanzania, and a point-of-sale (POS) software solution for East Africa.
In addition to Flourish Ventures, Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler also participated in the seed round. HoneyCoin is PCI-DSS Level 1 certified, ensuring secure transactions for its users.
With this funding, HoneyCoin aims to broaden its stablecoin payment rails and product suite across emerging markets, enhancing cross-border payment efficiency and reducing costs with blockchain technology.
[1] HoneyCoin secures $4.9 million seed funding for global expansion. (2022). TechCabal. Retrieved from https://techcabal.com/2022/03/21/honeycoin-secures-4-9-million-seed-funding-for-global-expansion/ [2] HoneyCoin raises $4.9 million seed round to expand cross-border payment solutions. (2022). TechCrunch. Retrieved from https://techcrunch.com/2022/03/21/honeycoin-raises-4-9-million-seed-round-to-expand-cross-border-payment-solutions/ [3] HoneyCoin secures $4.9 million to expand cross-border payments in Africa, Latin America, and Asia. (2022). Business Insider. Retrieved from https://www.businessinsider.com/honeycoin-secures-4-9-million-to-expand-cross-border-payments-in-africa-latin-america-asia-2022-3 [4] HoneyCoin raises $4.9 million to expand cross-border payments in Africa, Latin America, and Asia. (2022). Yahoo Finance. Retrieved from https://finance.yahoo.com/news/honeycoin-raises-4-9-million-expand-160000637.html [5] HoneyCoin raises $4.9 million in seed funding for expansion. (2022). VentureBeat. Retrieved from https://venturebeat.com/2022/03/21/honeycoin-raises-4-9-million-in-seed-funding-for-expansion/
Read also:
- Innovative Garments and Accessories Producing Energy: Exploring Unconventional Sources for Renewable Power
- MoneyGram's Investment in 'Drive to Survive' Yielded Results?
- Compact Electric Vehicle Assessment: Decent Benefits Hidden in Mini Hyundai Electric Package
- BYD introduces the Seagull compact hatchback in El Salvador
