Dubai-based fintech Enza, founded by former Network International executives Hany Fekry and Hamish Houston, has raised $6 million in seed funding to provide comprehensive payment solutions for banks and fintechs in Africa. The startup, which officially launched in January 2023, aims to fill a significant gap in the market by offering a range of local payment solutions, from cards to wallets to real-time payments.

Enza's founders, who previously managed global acceptance, processing, and consumer finance departments at Network International, saw an opportunity to create a more comprehensive solution for banks and fintechs, particularly in Africa. They resigned from Network International to start Enza, leveraging their decades of experience and deep relationships across the continent to quickly secure contracts with several banks.

Enza's platform is designed to serve both sides of the transaction, providing infrastructure for banks and fintechs on the issuing side, and SMEs and merchants on the acceptance side. The startup is initially targeting Egypt, Nigeria, and South Africa, three of the continent's largest financial markets. By providing a broader range of payment solutions, Enza aims to help banks and fintechs build long-term relationships with their customers, enabling cross-selling of lending, savings, insurance, and other financial services.

The startup's strategy is particularly relevant in Africa, where payments are often the first entry point into formal finance for millions of underserved or unbanked small businesses. Enza wants to help these businesses accept in-person and online payments at little to no cost, allowing banks and fintechs to build long-term relationships. "Payments are the gateway," said Andrew Key, who joined Enza as an executive director last year. "But the value is in the data and the services you can layer on top."

Enza's platform also provides banks with more transparency and control over their payment ecosystems, enabling them to stay compliant while scaling. The startup integrates with local card schemes, global networks, real-time payment infrastructure, mobile money and telco wallets, and supports QR codes, buy-now-pay-later (BNPL), and contactless payments features.

The company has already secured over 10 million monthly contracted transactions through live bank partnerships across six African markets, Rwanda, Nigeria, Ghana, Egypt, Uganda, and South Africa. Enza charges banks on a per-transaction ("per-click") basis, with volumes growing 35 to 40% month-over-month and expected to double in the next two years.

The $6 million seed round, led by Algebra Ventures and Quona Capital, will go toward expanding the team and rolling out new products for its banking clientele across Africa. "The Enza leadership team has an impressive track record of starting, growing, and exiting fintech businesses across the continent," said Tarek Assaad, managing partner at Algebra Ventures, on why his firm backed the two-year-old fintech.

Enza's founders are committed to solving real infrastructure problems across Africa, aiming to provide financial products to underserved communities at a low cost and anytime they want. With its comprehensive payment solutions and strong industry connections, Enza is well-positioned to make a significant impact in the African fintech landscape.