Kenyan fintech HoneyCoin has raised $4.9 million in seed funding to accelerate its stablecoin-powered payments infrastructure across Africa, Latin America, and Asia.
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.
With the new capital, HoneyCoin plans to expand into Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia.
HoneyCoin was founded in 2020 and is headquartered in Nairobi, with operations spanning 5 African countries, as well as the US, Europe, and other emerging markets.
Its blockchain-based payment rails integrate with banks, mobile money operators, and global payment partners—offering same-day settlements at costs significantly lower than traditional systems.
The platform currently processes $150 million monthly for 350 enterprise clients and over 326,000 consumers, with the bulk of its revenue coming from B2B settlement services.
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It will also hire senior executives, obtain additional licenses, and roll out several products, including:
A Visa-backed stablecoin debit card
A cross-border liquidity solution in partnership with Interswitch
Banking-as-a-Service (BaaS) offerings in Ghana, Malawi, and Tanzania
Point-of-sale (POS) software for East African merchants
The fintech is targeting Africa’s $329 billion cross-border payments market, positioning itself alongside competitors like VertoFX, Nala, Yellow Card, and Cellulant.
HoneyCoin’s competitive edge lies in its stablecoin settlement model, which cuts transaction times from days to hours using a proprietary AI matching engine and a global network of partner banks.
By combining enterprise-grade payment APIs with consumer-facing tools through its Peer app, HoneyCoin envisions becoming the “operating system for money” in emerging markets.
The company’s business model is firmly anchored in regulatory compliance, with multiple licenses across North America, Europe, and Africa, and partnerships with mobile operators and payment service providers.
If HoneyCoin sustains its reported profitability and 16% month-on-month B2B growth, it could emerge as a pivotal player in Africa’s digital payments infrastructure—especially as stablecoins gain traction in regulated environments worldwide.
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