HoneyCoin Secures $4.9M to Fuel Expansion of Stablecoin Payments
Kenyan fintech innovator HoneyCoin, focused on building stablecoin-based payment systems, has successfully closed a seed funding round, securing $4.9 million. The capital injection will be utilized to broaden the company’s reach into emerging markets across Africa, Latin America, and Asia. The blockchain-powered startup seeks to capitalize on the burgeoning demand for efficient and cost-effective cross-border payment solutions within these regions.
Investment Fuels Global Fintech Ambitions
The seed round was spearheaded by Flourish Ventures, with significant participation from notable investors including TLcom Capital, the Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures, the strategic investment arm of Visa. HoneyCoin’s approach leverages blockchain technology to connect directly with existing financial infrastructure, including banks, mobile money networks, and international payment partners. This architecture allows businesses to transfer funds in a matter of hours, significantly reducing the delays and high fees typically associated with traditional cross-border payments, which is a core concern in Africa’s $329 billion market. According to David Nandwa, founder and CEO of HoneyCoin, the company has operated profitably for the past two years and has an “unlimited runway.”
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