HoneyCoin Raises $4.9M to Boost Stablecoin Payments Across Africa and Beyond
- Kenyan Web3 payments platform HoneyCoin raises $4.9M to scale operations, expand into new African markets, and launch new products.
- The startup processes $150M in monthly transactions, serves 350 enterprise clients, and operates in 45 countries with global payment partners.
Nairobi-based Web3 payment platform, HoneyCoin, has closed a $4.9 million funding round led by Flourish Ventures, with participation from Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler.
Founded in 2020 by then-19-year-old David Nandwa, the startup has grown into a major player in Africa’s cross-border payment infrastructure sector.
Its platform processes over $150 million in transactions each month, serving 350 enterprise clients and approximately 326,000 direct consumers, with operations across 45 countries.
HoneyCoin integrates directly with banks, mobile money systems, and global partners such as MoneyGram, UBA Bank, and Stripe, enabling instant or same-day settlements across diverse payment networks. Its proprietary AI Matching Engine optimizes transaction flow using customer data and volume signals.
The company holds PCI-DSS Level 1 certification for secure data handling and maintains regulatory licenses in Canada, Europe, and the U.S., along with Letters of No Objection from Kenya, Nigeria, and Tanzania.
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The new funding will support scaling operations, hiring senior executives, enhancing compliance frameworks, and expanding into new markets, including Mozambique, Zambia, Rwanda, and Francophone Africa.
HoneyCoin also plans to launch several new products in Q3 2025, including a stablecoin-backed Visa debit card, a cross-border liquidity solution in partnership with Interswitch, banking-as-a-service offerings in Ghana, Malawi, and Tanzania, and a software POS solution for East African merchants.
HoneyCoin has been profitable for the past two years and positions itself as building an “operating system for money,” likening its role in finance to Apple’s influence in computing.
The company reports B2B transaction volumes growing by 16 percent each month, while consumer activity on its Peer app increases at a rate of 5 percent monthly.
Edited by Harshajit Sarmah
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