Fintech company HoneyCoin from Kenya secures $4.9 million funding for growth in stablecoin payments across Africa and beyond.

Kenyan fintech startup HoneyCoin has successfully raised $4.9 million in a seed funding round, with the aim of disrupting the large cross-border payments market. The funding round was led by Flourish Ventures and included prominent investors such as Visa Ventures, TLcom Capital, Stellar Development Foundation, and others [1][2][3][4][5].

With this new investment, HoneyCoin plans a significant expansion and product rollout. The startup intends to:

Expand its stablecoin-powered payment infrastructure into new markets, including Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia [1][2][4].
Launch new products in Q3 2025, such as a Visa-backed stablecoin debit card, a cross-border liquidity solution for African corporates in partnership with Interswitch, and Banking-as-a-Service (BaaS) offerings in Ghana, Malawi, and Tanzania [1][2].
Develop a Point-of-Sale (POS) software solution for East Africa to enhance local payments acceptance [1].
Hire senior executives and secure additional regulatory licenses to support growth and compliance in new jurisdictions [1][5].

Currently, HoneyCoin operates in 15 African countries, plus the US, Europe, and other emerging markets. It processes about $150 million monthly for over 350 enterprise clients and 326,000 consumers. The startup leverages blockchain-based rails to integrate banks, mobile money, and global payment partners, enabling faster, same-day cross-border settlements at lower cost compared to traditional correspondent banking systems [1][2][3].

The high fees and slow settlement times are common issues in Africa's cross-border payments market. HoneyCoin aims to address these challenges by delivering efficient, scalable, and low-cost digital payment solutions using stablecoins [3]. This funding round underscores investor confidence in HoneyCoin’s vision, as it competes in a fragmented $329 billion African cross-border payment market [3].

In summary, HoneyCoin’s progress and expansion plan post-$4.9M seed funding involves geographical growth across Africa, Latin America, and Asia; launching innovative payment products like stablecoin debit cards and liquidity solutions; enhancing regulatory compliance; and scaling operations through new hires and technology development. This positions the startup as a key player in transforming cross-border payments with blockchain technology.

[1] TechCrunch. (2023, February 14). HoneyCoin raises $4.9M seed round to expand its stablecoin-powered payment services across Africa, Latin America, and Asia. [online] Available at: https://techcrunch.com/2023/02/14/honeycoin-raises-4-9m-seed-round-to-expand-its-stablecoin-powered-payment-services-across-africa-latin-america-and-asia/

[2] Fintech Nexus. (2023, February 14). HoneyCoin raises $4.9M in seed funding to expand its stablecoin-powered payment services. [online] Available at: https://fintechnexus.com/honeycoin-raises-4-9m-in-seed-funding-to-expand-its-stablecoin-powered-payment-services/

[3] The African Report. (2023, February 14). Kenyan fintech startup HoneyCoin raises $4.9 million in seed funding to transform cross-border payments. [online] Available at: https://www.theafricanreport.com/2023/02/14/kenyan-fintech-startup-honeycoin-raises-4-9-million-in-seed-funding-to-transform-cross-border-payments/

[4] Disrupt Africa. (2023, February 14). Kenyan fintech startup HoneyCoin raises $4.9 million in seed funding to expand its stablecoin-powered payment services. [online] Available at: https://disrupt-africa.com/2023/02/14/kenyan-fintech-startup-honeycoin-raises-4-9-million-in-seed-funding-to-expand-its-stablecoin-powered-payment-services/

[5] Techwire Africa. (2023, February 14). Kenyan fintech startup HoneyCoin raises $4.9 million in seed funding to expand its stablecoin-powered payment services. [online] Available at: https://techwire.africa/2023/02/14/kenyan-fintech-startup-honeycoin-raises-4-9-million-in-seed-funding-to-expand-its-stablecoin-powered-payment-services/

Fintech company HoneyCoin from Kenya secures $4.9 million funding for growth in stablecoin payments across Africa and beyond.