Execs International Excel Network collects $ 6 million for Enza, which is African service banks

Over the past decade, the Dubai -based international network has become one of the dominant payment processors in the Middle East and Africa, partly due to a husband to Operations of acquisitions.

However, many senior job occupants can fall prey to slow innovation, and open the door for smaller and fastest emerging companies. The latest development is InzaFintech was founded in 2022 by Hani Vicky, Former NETLORK administrative director, along with another executive official in the previous network Houston.

Fintech, which raised $ 6 million in seed financing, builds infrastructure for banks and technology, and offers a range of local payment solutions, from cards to governor to actual time payments.

Before the launch of Enza, the founders managed the admission, processing, and global consumer financing at Network International. While the network was building a strong payment network throughout the Middle East and Africa, with a main focus on the admission aspect of things, they felt a huge gap in creating comprehensive solutions for banks and technology, especially in Africa.

When none of the parties could find alignment with the network, they resigned to start Enza, which was officially launched in January 2023.

“We have led our difference to return back and rethink how these disadvantaged needs in the market meet,” said Techcrunch CEO.

Enza founders say they built the company using lessons from their time in Network International and its branch, DPO Group. But unlike those companies, which have largely focused on accepting cards and the merchant’s acquisition, Enza takes a wider approach, serving both sides of the transaction.

The Enza platform for banks and technology is designed on the source side, small and medium -sized companies and traders on the admission side. It aims to start operating initially Egypt, Nigeria and South Africa, and it is three of the largest financial markets on the continent.

Acceptance of payments on the Fintech scale is broader

Often payments are the first entry point to the official funding of millions of small deprived or not allocated companies throughout Africa. Enza wants to help these companies accept personal payments and online communication without any cost-a strategy that you believe will allow banks and technology to build long-term relationships.

Once it is placed in place, Enza’s infrastructure allows user to lend, savings, insurance, and other financial services.

“Payments are the gate,” he says Andrew MoftahWho joined Enza as CEO last year. “But the value is present in the data and the services you can put on top.”

This strategy also plays the dynamics of change between banks and technology in Africa. For years, banks have exceeded the infrastructure, especially the share of the small and medium -sized companies market for players such as Flutewave, Fawry, Paymob and MoniePoint, and is now the largest trader in Nigeria. But banks still have major advantages, which are broader services and organizational support.

Houston said: “The banks have realized that they have abandoned a lot of land for technology,” Houston said. “We want to give them technology to compete and upgrade it.”

Likewise, despite the rise of high technology across Africa, banks remain the main players organized behind most of the payment complexes. But many still lack a clear vision in what the partners or merchants do in the direction of the river.

This is one of Enza functions, the founders say: Give banks more transparency and control of their payment ecosystems so that they can stay compatible with scaling.

Dubai -based start -up company expands the payment options available to banks. Enza is integrated with local card plans such as VERVE, Afrigo and Meeza, along with global networks such as Visa and MasterCard.

It also connects to the actual payment infrastructure, including Nigerian Nibss, Payshap in South Africa, Instapay in Egypt, as well as mobile money portfolios and communications portfolios, with support for QR symbols, Buy-Bay-Pay-Later (BNPL), and support features without contact.

Benefit from the founders ’networks

Inza Take advantage of the experience of its founders And deep relations throughout the continent to secure contracts quickly with many banks. For example, Fekry previously held the position of senior business officials in emerging market payments (EMP), which Network International acquired, as he later became an administrative manager.

Through their career, the team worked with nearly 200 banks. But this time, they go to quality on the quantity. “We are not trying to repeat this scale,” said Houston. “We target 30 to 40 high -quality banking relationships.”

While the company started its operations only last year, Dubai -based FINTECH has already received more than 10 million monthly transactions through live banking partnerships in six African markets, Rwanda, Nigeria, Ghana, Egypt, Uganda, and South Africa.

Enza receives banks on the basis of each transfer (“for each click”). These folders grow from 35 to 40 % month per month, and are expected to double in the next two years.

The company paved its early years, as the founders funded them. When they decided to raise the external capital, the founders said they did not shop widely.

Instead, Algebra Ventures and Quona Capital led the $ 6 million seeds round. “The ENZA driving team has an impressive record in starting Fintech, growing, and getting out of Fintech throughout the continent,” said Tarek Assaad, the administrative partner of Algebra Ventures, about the reason for his company supporting the two -year -old.

The new capital will go to expanding the team and offering new products to its banking customers throughout Africa.

“We have established Enza to solve real infrastructure problems throughout Africa,” Vicky said. “We have spent our career in an attempt to ensure that our families and societies can reach financial products as people in Europe or the United States at a low cost and at any time they want.”