The funding round was led by Flourish Ventures, with participation from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures—the investment arm of payments giant Visa. This latest injection brings HoneyCoin’s total capital raised to just over $5 million, according to Crunchbase.
Founded in 2020 by David Nandwa, HoneyCoin has developed stablecoin-powered settlement rails that integrate directly with banks, mobile money operators, and global payment networks. Its infrastructure enables businesses to move funds within hours—rather than days—while cutting costs significantly compared to traditional wire and remittance systems.
According to Nandwa, HoneyCoin has been profitable for the past two years and currently processes $150 million in transactions monthly. Its customer base spans 350 enterprise clients and 326,000 consumers, with most revenue driven by B2B settlement and acquiring services. Corporate customers reportedly pay up to $2,500 monthly to integrate the company’s payment API.
The company operates in 15 African countries, the United States, parts of Europe, and several other emerging markets. In Africa, HoneyCoin has secured regulatory clearances, including Letters of No Objection from financial authorities in Nigeria, Kenya, and Tanzania. It also 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.
A key innovation in HoneyCoin’s offering is its proprietary stablecoin-powered AI Matching Engine, which nets transaction flows across regions and leverages a global colocation network of partner banks to achieve near-instant to same-day settlements. Nandwa believes this approach positions the company to become “the operating system for money—how it’s moved, held, and collected—regardless of medium or geography.”
The new capital will fund senior hires, secure additional licences, and support expansion into Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia. HoneyCoin is also preparing several product launches in Q3 2025, including a stablecoin-backed debit card with Visa, a cross-border liquidity solution with Interswitch, a banking-as-a-service platform in Ghana, Malawi, and Tanzania, and a software point-of-sale (POS) solution for East Africa.
Efayomi Carr, principal at Flourish Ventures, believes HoneyCoin is well-positioned to become the “go-to infrastructure layer” for currency collection, conversion, and settlement across B2B cross-border payments in and into Africa. The company faces competition from global and regional fintechs such as VertoFX, Nala, Yellow Card, and Cellulant, but is banking on its speed, cost efficiency, and regulatory reach to stand out.
With monthly B2B transaction volumes growing at 16% and consumer activity via its Peer app up 5%, HoneyCoin appears to be gaining traction in a fragmented but fast-growing segment of the payments market—one that could redefine how money moves across developing economies.
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