HoneyCoin Secures $4.9 Million Seed Funding to Revolutionize Cross-Border Payments
Nairobi-based crypto-powered fintech innovator, HoneyCoin, has successfully closed a significant seed funding round, securing $4.9 million. This substantial investment was spearheaded by Flourish Ventures, with notable participation from a consortium of leading investors including Visa, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler. The capital infusion is set to empower HoneyCoin’s ambitious mission to redefine cross-border payment solutions, leveraging cutting-edge stablecoin technology to deliver swifter, more cost-effective, and compliant financial services across Africa and into global markets.
Driving Financial Transformation Across Africa
This recent investment marks a follow-on commitment from Flourish Ventures, an investment firm managing an $850 million fund, which initially backed HoneyCoin in 2021. Flourish Ventures’ strategic focus on fostering fairer financial systems across Africa, particularly in the realm of cross-border payments and remittances, aligns perfectly with HoneyCoin’s vision. Efayomi Carr, Principal at Flourish Ventures, expressed strong confidence in the startup’s trajectory, stating, “We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision. Since then, he’s built a licensed, profitable, and high-growth infrastructure platform powering nearly”. This endorsement underscores the confidence investors place in HoneyCoin’s capacity to disrupt traditional payment infrastructures and address critical financial needs within the African tech ecosystem.
HoneyCoin’s innovative approach, rooted in stablecoin technology, is poised to tackle the longstanding challenges associated with international money transfers, offering a robust pathway to enhanced financial inclusion and efficiency. This funding solidifies HoneyCoin’s position as a pivotal player in the evolving digital finance landscape, setting the stage for significant advancements in cross-border transactions for individuals and businesses alike.
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