African fintech startup HoneyCoin has secured $4.9 million in seed funding to scale its stablecoin-compatible payment platform across Africa and global markets.
The round was led by Flourish Ventures, with participation from Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler.
The funding will fuel HoneyCoin’s expansion, broaden its product offerings, and strengthen its senior leadership team. Founded in 2020 by David Nandwa—then just 19 years old—HoneyCoin aims to merge fiat and blockchain systems to create faster, compliant, and cost-effective cross-border payment solutions.
Since launch, the company has grown from processing a few hundred dollars to over $150 million in monthly transactions, serving more than 350 enterprise customers and millions of end-users in four continents.
“Our mission is to build the operating system for money, how it’s moved, held, and collected—regardless of medium or geography,” Nandwa said. “This raise enables us to accelerate that vision by creating resilient, interoperable infrastructure for the future of finance.”
HoneyCoin’s platform offers businesses instant or same-day settlements—compared to traditional 4–7 business days—through a stablecoin-based liquidity engine that streamlines collections, treasury management, settlements, and foreign exchange.
Flourish Ventures, which first invested in HoneyCoin in 2021, reaffirmed its backing with this round.
“David has built a licensed, profitable, high-growth platform powering nearly 300 financial institutions and processing billions annually,” said Efayomi Carr, Principal at Flourish Ventures.
“We believe HoneyCoin is ready to lead the next generation of compliant, blockchain-enabled finance in Africa.”
Operating in more than 45 countries, HoneyCoin is PCI-DSS Level 1 certified and licensed in key African and global jurisdictions.
Its services span mobile money, card, and bank payments in 15 African markets, plus the US, Canada, Europe, and the UK. The company’s FXHub allows real-time trading of 49 currencies at competitive rates.
HoneyCoin’s partnerships include MoneyGram, UBA Bank, and Stripe, with clients such as Cedar Money, TerraPay, and Jiji.
The fresh capital will be used to expand licensing, grow the team, and enhance its API-first product suite for developers, PSPs, and enterprises seeking stablecoin settlement rails and FX liquidity.
“HoneyCoin is solving real challenges in cross-border payments and financial access,” said Cuy Sheffield, Head of Crypto at Visa.
“It’s a clear example of how stablecoins can unlock more efficient and inclusive solutions for emerging markets.”