Ex-Network International execs raise $6M for Enza, an African fintech serving banks

In the last decade, Dubai-based network has become one of the dominant payment processors thanking each other in international, Middle East and Africa pair one buying and selling.

However, opening the door for many developed, smaller, smaller, faster moving beginnings, more innovative predators. The most recent development is PracticeA Fintek established in 2022 Hidddy fucry, The former management director on the network, along with the other former network executive Hamish Houston.

Infrastructure, which offers a number of local payment solutions to Fintech, banks and wallets from cards to banks and fintechs, up to 6 million dollars, up to the infrastructure, real-time payments.

Before the start of the launch, the founders managed global admission, processing and consumption finance departments at the international level of the network. The network first established a solid payment network along the Middle East and Africa, which is primarily aimed at the admission side, especially in Africa, they felt a mass space in creating comprehensive solutions for banks and fintechs.

When no party could not find an alignment with the network, in January 2023, they officially resigned to start launching.

“Our disagreement considered how to take a step to the market and how to solve this did not sell it,” said CEO Fekry Techcrunch.

Enza builders, the company’s time and its subsidiary, made a company using the time of the DPO group. However, unlike companies that mainly get the card receipt and merchant, Enza receives a wide approach to both sides of the transaction.

Desza’s platform, designed for banks and fintechs and are designed for koos and merchants on the receiving side. The beginning is first targeting three of Egypt, Nigeria and South Africa, the largest financial markets of the continent.

Admission of payments to a wider fintech scale

Payments often fall into the official financial situation for small businesses without millions of underarms or non-banking in Africa. In these enterprises, these enterprises want to help people and online payments to accept without any value – it thinks that banks and Fintechs will allow long-term relationships.

Once these are in place, the Enza infrastructure allows cross-selling credit, savings, insurance and other financial services.

“Payments are gates” says Andrew keyWho joined the ENZA Executive Director last year. “But the value is in the information and the services you can get above.”

This strategy also plays the variable dynamics between banks and fintechs in Africa. Over the years, banks infrastructure and especially the share of the SOCE market, players like Flutterwave, Fawry, Paymob and Moniepoint, are now Nigeria’s largest merchant buyer. However, banks still maintain basic advantages, ie a wider service victims and regulation support.

“Banks realized that they give up a lot of space for Fintechs,” said Houston. “We want to adhere to them and give technology to win back.”

Similarly, despite the rise in Fintechs in Africa, banks remain the main, regulated players behind the most charge aggregators. However, many are still clear that the aggregator partners or the merchants that flock to the lower.

This is one of the functions of Enza, the founders say: banks can control more transparency and their payment ecosystems and remain in accordance with the measurement.

Dubai Basically expands the options available for banks at the beginning. In addition to global networks such as Enza Visa and MasterCard, it combines with local card schemes such as Afrigo and Meeza.

In addition, Nigeria’s NIBSS, South Africa’s Payshap and Egypt Instapay, as well as mobile money and telco wallets, are now connected to a real-time payment infrastructure, including payments (BNPL) and contactless payments.

To use the founders’ networks

Is the enza To use the founders of the founders Deep relationship between the continent to ensure many banks with several banks. For example, February was previously, the Networking Director, the Network we are in the markets in the markets in the markets acquired by International International, served as a head commercial officer.

The team worked with about 200 banks in his careers. But this time, they go to a large amount of quality. “We do not try to repeat that scale,” said Houston. “We aim for high-quality banking relations from 30 to 40.”

Although the company has started only operations, Fintech, six African market, Rwanda, Nigeria, Ghana, Egypt, Uganda, Uga and South Africa, provided more than 10 million contract transactions through live banking partnership.

Enza accuses banks based on (“per”) per operation. These volumes grow up to 35-40% per month and are double in the next two years.

The company bootstrapped in the first years, financing the founders themselves. When it decided to raise the edge of the foreign capital, the founders said they did not receive a lot.

Instead, algebraic enterprises and Quona Capital rounded $ 6 million. The Enza Lider Team team has an effective trace record of the continent, growing and exiting Fintech enterprises, “Tarec Assaad, algebraic enterprises, two-year-old Fintech’i supported the two-year-old Fintech.

The new capital will go to the expansion of the team and to spread new products for the African banking customer.

“We have established a proxy to solve real infrastructure problems between Africa,” he said. “We have tried to make sure our careers have been able to make the financial products of our families and communities in Europe or the United States in the United States or the United States.”