HoneyCoin, a Kenyan stablecoin payment orchestration platform, has raised $4.9 million funding to scale its operations, expand its product suite, and bolster its team to strengthen its position as a prominent player in the payments industry.
The funding round was led by the global venture firm Flourish Ventures with participation from Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler.
Founded by David Nandwa in 2020, during the pandemic, HoneyCoin aims to develop the financial operating system for a hybrid future, where fiat and blockchain infrastructure merge to enable faster, compliant, and cost-efficient cross-border money movement.
According to David Nandwa, Founder and CEO of HoneyCoin: “Our mission is to build the operating system for money, how it’s moved, held, and collected, regardless of medium or geography. This raise enables us to lead that transformation, across Africa and other global markets, by building resilient, interoperable infrastructure for the future of finance.”
Since its launch, the platform 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.
HoneyCoin believes financial infrastructure is undergoing another once-in-a-generation shift and it addresses long-standing inefficiencies in global financial infrastructure, particularly for businesses in frontier markets.
The platform provides 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 first backed HoneyCoin in 2021 and it co-led the latest fundraise as a follow-on investment.
“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.”