Funding of $4.9 million in seed money granted to HoneyCoin for development of a payment platform emphasizing stablecoins.
HoneyCoin Secures $4.9 Million in Seed Funding for Global Expansion
HoneyCoin, a Nairobi-based payment infrastructure company, has raised $4.9 million in a seed funding round led by Flourish Ventures, with participation from Visa Ventures, TLcom Capital, Stellar Development Foundation, and other investors. The funding will be used to expand HoneyCoin's stablecoin-compatible payment platform across African and global markets.
With this funding, HoneyCoin is focusing on scaling its stablecoin-based payment orchestration platform to cover more African countries, Latin America, and Asian markets such as Mozambique, Zambia, Rwanda, Francophone Africa, and parts of Asia. The company plans to launch new products in Q3 2025, including a Visa-backed stablecoin debit card, a cross-border liquidity product with Interswitch for African corporates, banking-as-a-service (BaaS) in Ghana, Malawi, and Tanzania, and a point-of-sale (POS) software solution for East Africa.
HoneyCoin is also expanding its product suite, hiring senior talent, and strengthening compliance and licensing capabilities. The company holds licenses in the US, Canada, Europe, and several African jurisdictions, alongside direct integrations to banks and telecom operators like MoneyGram, UBA Bank, and Stripe. HoneyCoin's operations span 45 countries and more than 15 African markets, as well as the US, Canada, Europe, and the UK, with PCI-DSS Level 1 certification.
The integration of blockchain technology by major payment processors like Visa and Western Union is a growing trend in the industry. Visa Ventures' investment in HoneyCoin is a testament to this trend, as Visa and Mastercard have made investments in stablecoin and crypto companies such as Moonpay and Yellow Card.
HoneyCoin's mission, as described by founder David Nandwa, is to build "the operating system for money," aiming to redefine how money is moved, held, and collected globally through interoperable stablecoin and blockchain infrastructure. The company serves 350+ enterprise clients and over 326,000 direct consumers, processing roughly $150 million monthly, mainly generating revenue from B2B settlement services.
The involvement of Flourish Ventures in HoneyCoin's funding round indicates a focus on financial inclusion in emerging markets. Flourish Ventures has made a follow-on investment in HoneyCoin, focusing on financial inclusion in emerging markets. This funding round was not the first investment by Flourish Ventures in HoneyCoin. The new capital will potentially be used to attract more traditional payment giants' interest in blockchain-enabled infrastructure.
In summary, HoneyCoin is now a profitable and scaling fintech platform with a clear growth strategy centered on stablecoin-enabled cross-border payment infrastructure, product diversification, regulatory compliance, and geographic expansion into emerging markets. Current enterprise clients of HoneyCoin include Cedar Money, TerraPay, and Nigerian e-commerce platform Jiji, though specific transaction volumes by client have not been disclosed.
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