UAE’s enza raises $6.75M to help more people in Africa access financial services
UAE-based payment company enza has raised $6.75 million in its first investment round, led by Algebra Ventures and Quona Capital.
This is enza’s first outside funding, and the money will help the company grow in key African markets, build stronger partnerships, and better serve its customers.
Founded in 2023 and based in Abu Dhabi, enza has offices in Egypt, South Africa, and Nigeria. It provides banks and fintech companies with payment solutions like cards, digital wallets, and real-time payments while keeping costs low to make financial services more accessible.
MENA’s Startup Scene
In 2024, startups in the Middle East and North Africa (MENA) region raised $2.3 billion in funding, including debt. However, this was 42% less than the previous year, according to Wamda’s annual report.
The UAE received the most investment, raising $1.1 billion from 207 deals. Saudi Arabia followed with $700 million from 186 deals, and Egypt secured $334 million from 84 deals.
The fintech sector had the most deals, with 119 deals totaling $700 million. The SaaS sector came next, with 65 deals raising $228.6 million.
In March 2025, UAE-based finance platform NymCard raised $33 million in Series B funding, led by QED Investors, marking its first investment in the Gulf.
Also in March, UAE-based healthcare fintech startup Klaim raised $26 million, including $10 million in Series A funding and $16 million in financing to support its regional growth.
In February 2025, UAE-based fintech platform MANSA raised $10 million in its first funding round, with $3 million in pre-seed investment and $7 million in liquidity funding.
Published: 27th March 2025
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