INSIGHTS
enza: Why we invested
By Thomas Mulwa
At Quona, we’re always looking for founders and companies that see not just what is, but what could be — especially in sectors where infrastructure gaps hold back inclusion and innovation. The African payments landscape is one of those sectors: full of potential, yet highly fragmented, with more than 144 mobile money operators, 11 national instant payment systems, and limited interoperability between them.
That’s why we’re excited to back enza, a next-generation payments acceptance and orchestration platform purpose-built for Africa.
A Platform for a Fragmented Continent
In many global markets, card-based systems dominate consumer payments. In Africa, however, the landscape is far more diverse: mobile money, instant payments, and account-based methods are growing rapidly. The challenge? These payment types often exist in silos, limiting their utility and forcing financial institutions to build bespoke solutions — or worse, rely on outdated infrastructure that can’t keep pace with market needs.
enza solves this problem head-on. By enabling banks to accept both card and non-card payment types through a single integration, enza enhances utility on both sides of the transaction — simplifying operations for banks while improving payment choice and experience for consumers. The company’s orchestration platform powers multi-channel acceptance, transaction insights, and future-ready interoperability across markets.
Backing a Proven, Visionary Team
When we met Hany Fekry, Hamish Houston, and Andrew Key, we immediately recognized a rare combination: deep domain expertise, operational excellence, and the kind of pan-African credibility it takes to succeed in financial services on the continent.
Their track record speaks for itself. The enza founding team previously held senior leadership roles at Emerging Markets Payments (EMP) and Network International — companies that shaped Africa’s payments infrastructure over the last decade. With enza, they’re building the solution they wish they’d had: modular, modern, and built for the complex realities of African markets.
Aligned with Quona’s Thesis
At Quona, we believe fintech is the most powerful lever to advance financial inclusion. enza’s impact lies in its ability to enable more efficient, inclusive payments — whether for an SME accepting mobile money, or a pan-African bank looking to unify payment rails across five markets.
We also believe the opportunity in African payments is massive and growing. The alternative payments market is projected to grow at 12% CAGR, with consumer-to-merchant non-cash payments expected to reach $58B by 2027. enza is strategically positioned to capitalize on this growth by helping banks modernize faster, serve better, and compete more effectively.
Why Now
As Africa’s payments ecosystem matures, banks face increasing pressure to digitize and diversify their offerings. enza enters the market at a perfect moment — when demand for orchestration, efficiency, and cross-border acceptance is surging. At the same time, enza’s payments infrastructure gives its clients the benefit of speed and flexibility to better serve their customers’ needs.
We’re proud to co-lead enza’s seed round alongside Algebra Ventures, and to support the company in its mission to connect Africa’s payments rails, one transaction at a time.
Disclaimer: Quona portfolio companies were selected for profiles based on objective, non-performance-based criteria for the purpose of illustrating the types of investments made by Quona funds and their impacts. These profiles are being provided for illustrative purposes only, in order to provide examples of the idea generation, research, and thought process of Quona investment teams. No representation is made as to whether or if the investment ideas represented in these profiles have been or will be profitable. It should not be assumed that Quona will be able to identify similar investment opportunities in the future, or that any such opportunities will be profitable. The above statements include the opinions of the Firm and are for illustrative purposes only. There is no assurance that any trends depicted or objectives described in Quona profiles will continue or become successful.
