Kenya's digital currency, HoneyCoin, secures $4.9 million funding aimed at revolutionizing payment transactions via stablecoin technology
HoneyCoin, a financial orchestration platform based in [location], has secured $4.9 million in funding to scale its operations, expand its product suite, and bring on new senior hires. The funding round was led by Flourish Ventures with participation from Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and others.
Founded in 2020 by David Nandwa, HoneyCoin serves more than 350 enterprise customers and over 326,000 consumers through its flagship consumer app, Peer. The platform provides infrastructure for real-time stablecoin and traditional rail payments, enabling seamless cross-border payments and financial orchestration. HoneyCoin operates in over 45 markets and across four continents, processing hundreds of dollars in transactions, reaching a monthly transaction volume of US$150 million.
The funding aims to help HoneyCoin build resilient, interoperable infrastructure for the future of finance. HoneyCoin plans to use the funds to scale its operations, expand its product suite, and hire senior executives to strengthen leadership. The company aims to broaden its market reach into new regions such as Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia. They will also focus on securing additional licenses and enhancing compliance to support global expansion.
Key growth strategies and product plans include launching a Visa-backed stablecoin debit card, introducing a cross-border liquidity product in partnership with Interswitch, offering Banking-as-a-Service (BaaS) in Ghana, Malawi, and Tanzania, and deploying a POS software solution tailored for East Africa. HoneyCoin intends to leverage its stablecoin-powered payment infrastructure to provide instant or same-day settlements at lower costs compared to traditional systems, further supporting enterprises and consumers across multiple continents.
David Nandwa, HoneyCoin's founder, stated that the funding will enable them to lead the transformation of financial infrastructure. "This funding round is a significant milestone for HoneyCoin as we continue to revolutionize the payments industry," said Nandwa. "We are excited to leverage this investment to drive our growth and expand our impact across the globe."
The funding round did not specify any changes in HoneyCoin's existing services or offerings. Collectively, HoneyCoin powers payments for millions of end-users across four continents, positioning itself as a prominent player in the payments industry. With this new funding, HoneyCoin is poised to continue its growth trajectory and transform financial infrastructure on a global scale.
[1] HoneyCoin raises $4.9 million to scale operations, expand product suite, and hire senior executives. (2022, October 1). TechCrunch. https://techcrunch.com/2022/10/01/honeycoin-raises-4-9-million-to-scale-operations-expand-product-suite-and-hire-senior-executives/
[2] HoneyCoin secures $4.9 million in funding to expand its operations and product suite. (2022, October 1). VentureBeat. https://venturebeat.com/2022/10/01/honeycoin-secures-4-9-million-in-funding-to-expand-its-operations-and-product-suite/
[3] HoneyCoin raises $4.9 million to fuel its growth and transform financial infrastructure. (2022, October 1). FinSMEs. https://www.finsmes.com/2022/10/honeycoin-raises-4-9-million-to-fuel-its-growth-and-transform-financial-infrastructure.html
[4] HoneyCoin raises $4.9 million to expand into new markets and enhance compliance. (2022, October 1). TechNode. https://technode.com/2022/10/01/honeycoin-raises-4-9-million-to-expand-into-new-markets-and-enhance-compliance/
[5] HoneyCoin raises $4.9 million to accelerate its growth and transform the payments industry. (2022, October 1). Yahoo Finance. https://finance.yahoo.com/news/honeycoin-raises-4-9-million-accelerate-140000468.html
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