HoneyCoin, a Nairobi-based fintech building stablecoin-powered payment rails, has secured $4.9 million in seed funding to accelerate expansion across Africa, Latin America, and Asia. The equity round was led by Flourish Ventures, with participation from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.
Positioning itself as an infrastructure layer for fast, low-cost cross-border transactions, HoneyCoin plugs directly into banks, mobile money networks, and global payment partners. Its stablecoin settlement rails aim to compress settlement from days to hours—tackling fees and delays in Africa’s $329 billion cross-border payments market.
Founder and CEO David Nandwa says the company has been profitable for the past two years and is focused on “building the operating system for money, how it’s moved, held, and collected, regardless of medium or geography.” The startup reports processing $150 million in monthly transactions across 350 enterprise clients and 326,000 consumers, with most revenue coming from B2B settlement and acquiring. Enterprise customers pay up to $2,500 monthly to integrate its payments API.
Founded in 2020, HoneyCoin operates in 15 African markets, the US, parts of Europe, and other emerging regions. The new capital lifts total funding to just over $5 million and will be used to hire senior leaders, secure more licenses, and expand into Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia.
Under the hood, HoneyCoin says it settles the same day using stablecoins and a proprietary AI Matching Engine that nets flows on both sides, supported by a “global colocation network” of strategic banks. The company cites 16% month-on-month growth in B2B volumes and 5% monthly growth on its consumer Peer app, with 60% of Peer transactions domestic and 40% cross-border.
The startup holds MSB and PSSP licenses in Canada, a VASP license in Europe, and MSB approval in the US. In Africa, it has Letters of No Objection from regulators in Nigeria, Kenya, and Tanzania, alongside direct partnerships with mobile network operators and PSPs.
Planned product launches in Q3 2025 include: a stablecoin-backed debit card with Visa; a cross-border liquidity solution for corporates with Interswitch; Banking-as-a-Service in Ghana, Malawi, and Tanzania; and a software POS solution for East Africa.
Backers say HoneyCoin can become the default infrastructure for collecting, converting, and settling funds across currencies in and into Africa, competing with players like VertoFX, Nala, Yellow Card, and Cellulant.
