African payments platform HoneyCoin secures $4.9m funding

August 13, 2025

HoneyCoin, a fast-growing full-stack payments orchestration platform serving both consumers and businesses, has secured $4.9m in funding.

The round was led by Flourish Ventures, with participation from Visa Ventures, Lava, TLCom, Antler, Musha Ventures, 4DX Ventures, Stellar Development Foundation, James Waugh of Fire Eyes, and Vasily Shapovalov, co-founder of Lido.

Founded during the height of the COVID-19 pandemic, HoneyCoin set out to build an operating system for moving, managing and spending money tailored to the modern and future economy.

Initially focusing on creators and freelancers, it launched as a platform likened to “Gumroad for Africa, but with fiat and stablecoins” before expanding in 2021 into a broader consumer app.

Today, HoneyCoin enables customers to collect payments, transfer money in real time using stablecoins and traditional rails, and issue bank accounts, debit cards, or wallets in more than 45 markets across four continents.

Licensed in jurisdictions including the US, Canada, the EU and key African markets, it integrates directly with banks and telecom operators. Clients include high-growth businesses and FinTechs such as Cedar Money, TerraPay and Jiji.

Flourish Ventures principal Efayomi Carr said, “We first backed HoneyCoin in 2021 based on David’s technical expertise and regulatory vision.

“Since then, he’s built a licensed, profitable, and high-growth infrastructure platform powering nearly 300 financial institutions and processing billions in transactions annually. This follow-on investment reflects our deep confidence in HoneyCoin’s results to date and potential to lead the next generation of compliant, blockchain-enabled finance across Africa.”