Kenyan Fintech HoneyCoin Bets on Stablecoins to Transform Africa’s Financial Infrastructure

In Africa’s rapidly expanding fintech sector, HoneyCoin is setting itself apart with a bold proposition: revolutionizing cross-border payments through stablecoins. The Kenyan startup has just announced a $4.9 million funding round—an injection of capital that could redefine industry standards for payments across the continent.

At just 19 years old, David Nandwa founded HoneyCoin in the midst of the COVID-19 pandemic, making him one of the youngest CEOs in African fintech. Four years later, this serial entrepreneur with a string of successes has emerged as a rising figure in Africa’s blockchain ecosystem.

“Our mission is to build the operating system for money,” Nandwa says, drawing comparisons between his ambition and Apple’s role in computing or Visa’s influence in global commerce. While such parallels might seem grandiose, they are backed by equally striking performance metrics.

HoneyCoin Performance Is Catching Investors’ Attention

Since its launch, HoneyCoin has posted remarkable growth: more than $150 million in monthly transaction volume, 350 corporate clients, and hundreds of thousands of users via its Peer application. The platform now processes payments for millions of end users across four continents.

These results have convinced a roster of high-profile investors. Flourish Ventures, which first backed HoneyCoin in 2021, led the latest round alongside Visa Ventures, TLcom Capital, Stellar Development Foundation, and several other specialist funds.

HoneyCoin’s advantage lies in its ability to merge traditional financial infrastructure with blockchain technology. This hybrid approach addresses one of the most persistent challenges in cross-border payments—transaction speed. While conventional systems typically require four to seven business days for international settlements, HoneyCoin promises same-day or even instant transfers through its stablecoin-based liquidity engine. For African businesses often constrained by slow and costly banking channels, this represents a decisive competitive edge.

Operating in more than 45 countries and certified at PCI-DSS Level 1, HoneyCoin already has a footprint in the United States, Canada, Europe, and the United Kingdom. Its strategic partnerships include MoneyGram, UBA Bank, and Stripe.

Stablecoins as the New Standard for Emerging-Market Payments?

“HoneyCoin is solving real-world challenges in cross-border payments and financial access across Africa,” said Cuy Sheffield, head of crypto at Visa. “It’s a strong example of how stablecoins can provide more efficient and inclusive payment solutions in emerging markets.”

This endorsement from Visa—a global payments powerhouse—underscores the growing maturity of stablecoin-based solutions. Even as regulators worldwide continue to grapple with defining clear frameworks for digital assets, HoneyCoin is betting on compliance to win over institutional partners.

With the fresh capital, HoneyCoin plans to strengthen its team, expand licensing and compliance capabilities, and continue building out its API-first product suite. The goal: to become the go-to infrastructure for developers, payment service providers, and businesses seeking compliant access to stablecoin settlement rails.

At a time when digital payments are surging across Africa, HoneyCoin appears well positioned to ride the wave. The real test will be whether its vision of a “hybrid financial operating system” can gain traction beyond early adopters and crypto-savvy investors.

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(Featured image by Shubham Dhage via Unsplash)

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First published in Afrik.com. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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