Kenyan fintech startup HoneyCoin has secured $4.9 million in seed funding to accelerate its expansion into African, Latin American, and Asian markets.

The round was led by Flourish Ventures, with participation from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures.

Founded in 2020, the Nairobi-based company operates stablecoin-powered payment rails designed to cut cross-border settlement times from days to hours. Its infrastructure connects banks, mobile money platforms, and global payment partners, targeting Africa’s $329 billion cross-border payments market plagued by high costs and delays.

HoneyCoin processes $150 million in monthly transactions for 350 enterprise clients and over 326,000 consumers. Most of its revenue comes from business-to-business settlement and acquiring services, with corporate clients paying up to $2,500 a month for API integration.

The firm operates in 15 African countries, the US, parts of Europe, and emerging markets, holding multiple regulatory approvals, including MSB and PSSP licences in Canada, a VASP licence in Europe, and regulatory clearances in Nigeria, Kenya, and Tanzania.

Chief executive David Nandwa said the company has been profitable for two years. “Our mission is to build the operating system for money—how it’s moved, held, and collected—regardless of medium or geography,” he said.

The fresh funding will go towards senior hires, securing more licences, and expansion into Mozambique, Zambia, Rwanda, Francophone Africa, Latin America, and Asia. Planned product launches in Q3 2025 include a Visa-backed stablecoin debit card, a cross-border liquidity solution with Interswitch, banking-as-a-service in Ghana, Malawi, and Tanzania, and a point-of-sale software product for East Africa.

Flourish Ventures’ principal Efayomi Carr said HoneyCoin could become the “go-to infrastructure layer” for cross-border B2B payments in Africa, competing with players such as VertoFX, Nala, Yellow Card, and Cellulant.