Honeycoin Raises $4.9M To Drive Stablecoin Payments In Africa

HoneyCoin, a global payment orchestration platform, has announced a $4.9 million funding round led by the global venture firm Flourish Ventures to accelerate its scale of operations, expand its product suite, and bring on new senior hires to strengthen its position as a prominent player in the payments industry.

Flourish was joined by a  mix of regional and global investors: Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler.

Commenting on the raise, David Nandwa, Founder and CEO of HoneyCoin said: “Our mission is to build the operating system for money, how it’s moved, held, and collected, regardless of medium or geography. Just as Apple redefined computing and Visa transformed global commerce, we believe financial infrastructure is undergoing another once-in-a-generation shift. This raise enables us to lead that transformation, across Africa and other global markets, by building resilient, interoperable infrastructure for the future of finance.”

HoneyCoin addresses long-standing inefficiencies in global financial infrastructure, particularly for businesses in frontier markets, by providing a unified, stablecoin-compatible platform for collections, treasury management, settlements, and FX management. By building a stablecoin-based liquidity engine and bypassing fragmented rails, HoneyCoin offers businesses instant or same-day settlements, compared to the traditional 4–7 business day timelines.

Flourish Ventures, which first backed HoneyCoin in 2021, co-led the latest fundraise as a follow-on investment, signaling strong confidence in the startup and underscoring its long-term commitment to building fairer financial systems across Africa.

Speaking on the investment, Flourish Ventures Principal Efayomi Carr said: “We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision,” said Efayomi Carr, Principal at Flourish Ventures. “Since then, he’s built a licensed, profitable, and high-growth infrastructure platform powering nearly 300 financial institutions and processing billions in transactions annually. This follow-on investment reflects our deep confidence in HoneyCoin’s results to date and potential to lead the next generation of compliant, blockchain-enabled finance across Africa.”

Operational in over 45 countries and PCI-DSS Level 1 certified, HoneyCoin allows businesses to collect and disburse mobile money, card, and bank payments across 15 African markets, as well as in the US, Canada, Europe, and the UK. Its FXHub enables customers to buy and sell up to 49 currencies at competitive rates, giving CFOs and finance teams the tools for seamless global treasury management backed by real-time data.

Licensed across key markets including the US, Canada, EU, and key African jurisdictions, HoneyCoin has built direct integrations with banks and telecom operators, including partnerships with MoneyGram, UBA Bank, and Stripe. Its platform is already being used by high-growth businesses and fintechs, including Cedar Money, TerraPay, and Jiji, underlining the platform’s increasing adoption across industries.

With this new capital, the company plans to grow its team, expand licensure and compliance functions, and continue evolving its API-first product suite for developers, PSPs, and enterprises looking for compliant access to stablecoin settlement rails and FX liquidity.

“HoneyCoin is tackling real-world challenges in cross-border payments and financial access across Africa,” said Cuy Sheffield, Head of Crypto, Visa. “It’s a strong example of how stablecoins can unlock more efficient and inclusive payment solutions in emerging markets.”

Since its launch, HoneyCoin has scaled rapidly, processing hundreds of dollars in transactions to over $150 million in monthly transaction volume, serving more than 350 enterprise customers and hundreds of thousands of consumers through its flagship consumer app, Peer. Collectively, it powers payments for millions of end-users across four continents.