Canza, an emerging markets neobank that is building the world’s largest non-institutional-based financial system, has secured funding of $3.27 million, led by Fenbushi Capital, to expand operations across the continent.
Other participants in the round include:
- Dominance Ventures
- Bixin Ventures
- ConsenSys
- Protocol Labs
- Emurgo Ventures
- MEXC Global
- NGC Ventures
- XanPool
- Hashkey
- The founders of Celo
Canza is a DeFi solution portal founded in 2020 by Telecom experts Pascal Ntsama and Oyedeji Oluwoye to address a critical financial need for SMEs seeking foreign currency for transaction settlements and cross-border business.
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Canza provides local Foreign Exchange (FX) traders valuable access to capital, process automation, and a high yield vault for deposits in exchange for their local currency.
Canza’s seamless crypto on/off-ramp services enable a wide range of DeFi services including staking, P2P, and cross border settlements aiming to contribute to the creation of an innovative and fully decentralized financial system.
The neobank seeks to leverage its large network of local money market operators to offer financial transaction services to customers across Sub-Saharan countries.
According to Oyedeji Oluwoye, Co-Founder, Canza:
“Our vision is to become leaders in decentralized finance and to spearhead this movement to offer financial freedom to millions of individuals.”
– Co-founder, Canza
According to Colin Evran, Ecosystem Lead, Protocol Labs, Canza is expected to hugely impact the development of Web3 in developing markets.
“Given the early traction of Canza, we are delighted to help expand access to Web3 technologies like decentralized identity tools and KYC options to the sub-Saharan Africa region.
We’re excited to help the next cohort of African innovators turn their visions for Web 3.0 into reality.”
– Ecosystem Lead, Protocol Labs
This funding will enable Canza to continue headcount growth and expand its service offering in Nigeria and other growth regions including South America and Asia.
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RECOMMENDED READING: Introducing Santym – a Bordeless NeoBank that Supports Bitcoin and Stablecoins for African Businesses
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