Canza Finance, a Nigerian neobank developing a non-institutional financial system, has closed its $3.27 million seed round.
Fenbushi Capital led the round, which included Dominance Ventures, Bixin Ventures, Consensys, Protocol Labs, Emergo Ventures, MEXC Global, NGC Ventures, XanPool, Hashkey, and the Celo founders, among others.
Flori Ventures funded Canza through its pre-funding round and through its participation in the Filecoin Launchpad Accelerator, Powered by Tachyon, before to this fundraising round.
Canza Finance was founded in 2020 and distributes financial and transaction-based services to customers in Sub-Saharan African countries through a strong network of skilled local money market operators.
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Canza’s seamless crypto on/off-ramp services enable a wide range of DeFi services, such as staking, peer-to-peer (P2P), and cross-border settlements, with the goal of contributing to the construction of a cutting-edge, fully decentralized financial system.
“Today, we stand at a pivotal juncture in the journey to democratizing finance, with Nigeria rising as the vanguard of crypto adoption internationally,” said Oyedeji Oluwoye, CoFounder and CTO of Canza Finance.
“The rate of cryptocurrency adoption in high-growth markets, particularly Africa, not only reflects increased excitement for this new digital economy, but also the advancement of real-world use cases,” said Fenbushi Capital Managing Partner Bo Shen.
Canza Finance will be able to maintain its headcount growth and increase its service offering in Nigeria, as well as other emerging markets such as South America and Asia, with the help of this funding.