Kenyan Web3 Payment Platform HoneyCoin Secures $4.9 Million in Funding Led by Flourish Ventures

Kenyan Web3 payment platform HoneyCoin has raised $4.9 million in funding, led by Flourish Ventures. The funds will be used to expand operations, enhance product lines, and onboard senior executives. HoneyCoin, founded by David Nandwa in 2020, has a monthly transaction volume of over $1.5 billion and serves 350 corporate clients and hundreds of thousands of users. The platform offers instant or same-day settlement through a stablecoin-compatible platform and supports businesses in 45 countries.

Kenyan fintech startup HoneyCoin has raised $4.9 million in seed funding, led by Flourish Ventures. The funding round, which also saw participation from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures, will be used to expand HoneyCoin's operations, enhance its product lines, and onboard senior executives [1].

Founded in 2020 by David Nandwa, HoneyCoin has been profitable for the past two years and boasts a monthly transaction volume of over $150 million, serving 350 enterprise clients and 326,000 direct consumers. The platform's stablecoin-powered payment infrastructure connects directly to banks, mobile money networks, and global payment partners, enabling businesses to move funds in hours instead of days at a fraction of traditional costs [1].

HoneyCoin's mission is to build the operating system for money, facilitating its movement, holding, and collection regardless of medium or geography. The fresh funding will support the company's expansion into new markets, including Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia. Additionally, HoneyCoin plans to launch several new products in Q3 2025, including a stablecoin-backed debit card with Visa, a cross-border liquidity solution for African corporates with Interswitch, and a banking-as-a-service (BaaS) product in Ghana, Malawi, and Tanzania [1].

The company currently holds Money Service Business (MSB) and Payment Service Solutions Provider (PSSP) licences in Canada, a virtual asset service provider (VASP) licence in Europe, and MSB approval in the US. In Africa, it has received Letters of No Objection (LNOs) from regulators in Nigeria, Kenya, and Tanzania, plus direct partnerships with mobile network operators and payment service providers (PSPs) [1].

HoneyCoin's proprietary, stablecoin-powered AI Matching Engine and global colocation network of strategic banks enable near-instant to same-day settlements. The platform's B2B volumes are growing 16% month-on-month, while consumer activity via its Peer app is growing 5% monthly. About 60% of transactions are domestic B2B [1].

HoneyCoin's expansion comes as the global fintech landscape continues to evolve, with competitors such as VertoFX, Nala, Yellow Card, and Cellulant also building cross-border payment solutions for African markets. The company's success is a testament to the growing demand for efficient, low-cost cross-border payment solutions [1].

References:
[1] https://techcabal.com/2025/08/12/kenyas-honeycoin-raises-4-9-million/