Kenya’s HoneyCoin Raises $4.9M to Expand Stablecoin Payment Rails
TLDR
- Kenyan fintech HoneyCoin has secured $4.9 million in seed funding to expand its stablecoin-powered payment infrastructure into new markets
- Founded in 2020, Nairobi-based HoneyCoin operates in 15 African countries, the US, Europe, and other emerging markets
- The company processes $150 million monthly for 350 enterprise clients and over 326,000 consumers, with most revenue from B2B settlement services
Kenyan fintech HoneyCoin has secured $4.9 million in seed funding to expand its stablecoin-powered payment infrastructure into new African, Latin American, and Asian markets. The equity round was led by Flourish Ventures, with participation from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.
Founded in 2020, Nairobi-based HoneyCoin operates in 15 African countries, the US, Europe, and other emerging markets. Its blockchain-powered rails connect to banks, mobile money systems, and global payment partners, enabling same-day settlements at lower costs than traditional systems. The company processes $150 million monthly for 350 enterprise clients and over 326,000 consumers, with most revenue from B2B settlement services.
HoneyCoin will utilize the funds to hire senior executives, secure additional licenses, and expand into Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia. Upcoming launches include a Visa-backed stablecoin debit card, a cross-border liquidity product with Interswitch, BaaS offerings in Ghana, Malawi, and Tanzania, and a POS software solution for East Africa.
Daba's newsletter is now on Substack. Sign up here to get the best of Africa's investment landscape
Key Takeaways
HoneyCoin is positioning itself to compete with fintechs such as VertoFX, Nala, Yellow Card, and Cellulant in capturing Africa’s $329 billion cross-border payments opportunity. Its core advantage lies in stablecoin settlement, cutting transaction times from days to hours through a proprietary AI matching engine and a global network of partner banks. By combining enterprise-grade payment APIs with consumer-facing services via its Peer app, HoneyCoin aims to be the “operating system for money” in emerging markets. Regulatory compliance is central to its model, with multiple licences across North America, Europe, and Africa, plus partnerships with mobile operators and PSPs. If it maintains its reported profitability and 16% monthly B2B growth, HoneyCoin could emerge as a key infrastructure layer for African and global cross-border commerce—especially as stablecoins gain traction in regulated payment environments.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.