Network International execs raise $6.75M for Enza
Over the past decade, Network International, based in Dubai, has emerged as a powerhouse in processing payments throughout the Middle East and Africa. This momentum was partly driven by a pair of pivotal acquisitions by the firm, as reported by Reuters and detailed further on DPO Group’s blog.
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Network International execs raise $6.75M for Enza
Innovation can often leave established giants trailing behind. Recognizing this gap, former Network International executives launched Enza, a fintech platform focused on bridging the infrastructure divide. Founded in 2022 by Hany Fekry, whose background includes an influential role at Network (LinkedIn profile), alongside ex-executive Hamish Houston (LinkedIn), Enza is already making waves in the industry.
The startup, which has successfully raised $6 million in seed capital, is creating essential infrastructure for banks and fintech companies. Offering an array of local payment methods—from card transactions and digital wallets to real-time payments—Enza is designed to address critical gaps that were overlooked even by industry veterans at Network International.
Bridging the Gap in Financial Services
At Network International, the focus was largely on robust payment acceptance across regions like Africa and the Middle East. However, Fekry and Houston recognized that both banks and fintechs needed more comprehensive solutions to support broader financial services—something particularly vital for Africa’s growing financial ecosystem. Unable to align with their previous employer, the duo set out on their own and formally launched Enza in January 2023.
“Our divergence prompted us to take a step back and rethink how to address these underserved needs in the market,” Fekry explained in a recent interview. Drawing on experiences managing global acceptance, processing, and consumer finance departments at Network International, the founders crafted a platform that serves both the issuing side (banks and fintechs) and the acquiring side (SMEs and merchants).
Transforming Payments into a Broader Fintech Solution
In many parts of Africa, payments serve as the first step for millions of small businesses entering formal finance. Recognizing this, Enza aims to help businesses, whether they operate online or in person, accept payments at minimal cost. This strategy enables banks and fintech firms to nurture long-term relationships with their clients.
- Payment acceptance via cards and digital wallets
- Real-time payment processing
- Enhanced data insights for cross-selling further financial services
As Andrew Key, an executive director at Enza, puts it: “Payments are the gateway, but the value is in the data and the services you can layer on top.” By facilitating a transparent and integrated payment ecosystem, Enza is positioning banks to regain lost ground to agile fintech firms, all while offering a wider array of services underpinned by a secure, regulated framework.
Banks in Africa have long struggled to maintain market share against disruptive newcomers. Enza aims to change that by providing banks the tools needed to monitor every step of their payment processes, ensuring compliance and scalability. Their integration spans local card schemes such as Verve, AfriGo, and Meeza, alongside international networks like Visa and Mastercard. Furthermore, the platform connects with real-time infrastructures in markets like Nigeria (NIBSS), South Africa (PayShap), and Egypt (InstaPay), while also supporting QR codes, BNPL, mobile money, telco wallets, and contactless payment options.
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Building Strong Partnerships Across Africa
Enza is harnessing its founders’ extensive network and decades of industry experience to secure high-value contracts with banks. According to Enza’s leadership, the team has collaborated with almost 200 banks throughout their careers. This time, however, they are focusing on establishing 30 to 40 quality relationships rather than targeting sheer volume.
Within a short span, the startup has cemented live partnerships in six African markets—Rwanda, Nigeria, Ghana, Egypt, Uganda, and South Africa—facilitating over 10 million monthly contracted transactions. The company operates on a per-transaction model, with volumes growing by 35% to 40% month-over-month and projections expecting this to double within two years.
Backing and the Road Ahead
Enza’s early-stage growth was self-funded by its founders. When the time came to raise outside capital, the focus was not on a wide search but rather on partnering with investors who truly understood the market potential. Algebra Ventures and Quona Capital led the $6 million seed round, with Tarek Assaad of Algebra Ventures noting, “The Enza leadership team has an impressive track record of starting, growing, and exiting fintech businesses across the continent.”
The fresh capital injection will support team expansion and facilitate the rollout of new products for Enza’s banking partners across Africa. As Fekry states, “We founded Enza to solve real infrastructure problems. Our goal is to ensure that financial products are accessible, low-cost, and available around the clock for our communities.”
This new chapter not only reaffirms the shift from traditional card acceptance to a wholesale fintech ecosystem but also marks a fresh era for banks and fintechs looking to bridge the service gap in Africa. With a combination of industry expertise, strategic partnerships, and innovative technology, Enza is well-positioned to redefine the future of African financial services.
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