HoneyCoin Secures $4.9 Million to Scale Stablecoin Payments Infrastructure

HoneyCoin, a Nairobi-based fintech startup leveraging blockchain to build cross-border payment solutions, has raised $4.9 million in seed funding. The round was led by Flourish Ventures, a firm managing an $850 million fund focused on African fintech innovation, with additional participation from Visa, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, and Antler [1]. The capital will accelerate the company’s mission to transform cross-border money movement by deploying stablecoin technology to enable faster, cheaper, and more compliant transactions globally.

This marks a follow-on investment from Flourish Ventures, which first supported HoneyCoin in 2021. Efayomi Carr, Principal at Flourish Ventures, noted that since its initial funding, the startup has evolved into a licensed, profitable, and high-growth infrastructure platform that serves nearly 300 financial institutions and processes billions in transactions annually [1]. The investment reflects a deep confidence in HoneyCoin’s execution and potential to lead the next wave of blockchain-enabled finance in Africa.

Visa’s involvement further validates the platform’s innovative approach. Cuy Sheffield, Head of Crypto at Visa, highlighted how HoneyCoin is addressing critical inefficiencies in cross-border payments and financial access in emerging markets by leveraging stablecoins [1]. The startup was founded in 2020 by David Nandwa, who became one of Africa’s youngest fintech CEOs at age 19. A recognized blockchain engineer and serial entrepreneur, Nandwa has built HoneyCoin into a hybrid financial operating system that merges fiat and blockchain infrastructure.

HoneyCoin processes over $150 million in monthly transaction volume and serves more than 350 enterprise customers across 45 countries. Its consumer app, Peer, reaches hundreds of thousands of users, facilitating payments for millions across four continents [1]. The platform is PCI-DSS Level 1 certified and integrates with multiple financial systems, including mobile money, cards, and banks. It supports collections and disbursements in 15 African markets, as well as the U.S., Canada, Europe, and the U.K., and partners with entities like MoneyGram, UBA Bank, and Stripe.

The new capital will be used to expand HoneyCoin’s team, strengthen compliance functions, and further develop its API-first product suite. The company aims to provide compliant access to stablecoin settlement rails and foreign exchange (FX) liquidity for developers, payment service providers, and enterprises [1]. HoneyCoin’s liquidity engine is designed to bypass fragmented payment networks, reducing costs and ensuring regulatory compliance while enabling instant or same-day settlements.

Traditional cross-border payments are often slow, costly, and complex. HoneyCoin’s stablecoin-compatible platform offers tools for collections, treasury management, settlements, and FX management, helping businesses transact more efficiently. Its FXHub feature allows trading in up to 49 currencies at competitive rates, supported by real-time data for seamless treasury operations [1].

Nandwa envisions HoneyCoin as the operating system for modern finance, redefining how money is moved, held, and collected across borders and mediums. He compared this transformation to the disruptive impact of Apple and Visa, suggesting that global financial infrastructure is undergoing a once-in-a-generation shift. With this new funding, HoneyCoin aims to lead that transformation by building resilient, interoperable systems for the future of finance.

Source: [1] HoneyCoin secures $4.9 million stablecoin (https://technext24.com/2025/08/12/honeycoin-secures-4-9-million-stablecoin/)