Emerging Markets Neobank Canza Finance Raises $3.27M in Seed Funding
Canza Finance, an emerging markets neobank building the world’s largest non-institutional financial system, announced the completion of its $3.27 million funding round.
The fundraising was led by Fenbushi Capital, with participation from Dominance Ventures, Bixin Ventures, Consensys, Protocol Labs, Emergo Ventures, MEXC Global, NGC Ventures, XanPool, Hashkey, Celo Founders and others. This funding allows Canza to continue to grow its workforce and expand its service offering in Nigeria and other growing regions, including South America and Asia.
Oyedeji Oluwoye, Co-Founder and CTO of Canza Finance, said, “Today we stand at a critical juncture in the journey towards the democratization of finance, with Nigeria emerging at the forefront of adopting cryptography in the world. Against a backdrop of high inflation, financial instability and barriers to accessing traditional financial services, sub-Saharan Africa’s underdeveloped financial infrastructure has made the region a perfect vehicle for decentralized finance – according to a 2021 report by KPMG, more than 1 in 3 Nigerian adults are excluded from traditional finance. Our vision is to become leaders in decentralized finance and to spearhead this movement to bring financial freedom to millions of people. The tremendous interest and support from our investors and strategic partners will enable us to grow Canza’s world-class team, improve our security and, most importantly, take a definitive leadership position in our target markets.
Founded in 2020, Canza relies on a strong network of experienced local money market players to distribute financial and transaction-based services to users in Sub-Saharan African countries. Canza’s transparent entry and exit crypto services enable a wide range of DeFi services, including staking, P2P and cross-border settlements, aimed at contributing to the creation of an innovative and fully decentralized financial system. Canza is a member of the Celo Alliance for Prosperity, an ecosystem of more than 140 mission-aligned organizations including nonprofits, merchants, and payment processors fostering social impact using of the Celo blockchain. Today, Canza has over 7,000 Celo wallets created through the USSD DApp with weekly transactions averaging over $200,000.
“The rate of cryptocurrency adoption in high-growth markets, particularly Africa, not only signals growing enthusiasm for this new digital economy, but the advancement of real-world use cases” , said Bo Shen, Managing Partner at Fenbushi Capital, “This traction, combined with the market, social and community conditions of Sub-Saharan Africa, uniquely positions it as an environment where a project like Canza will thrive.
Prior to this funding round, Canza was funded by Flori Ventures in its pre-funding round and through its participation in Filecoin Launchpad Accelerator, Powered by Tachyon. This accelerator provides funding, guidance, and assistance to startups building more open, interoperable, and programmable tools, infrastructure, and applications for the distributed web. This program has been instrumental in developing Canza from a hackathon project to a mature, high-growth business.
Colin Evran, Ecosystem Manager at Protocol Labs, commented, “Canza is a shining example of the power of the Filecoin Launchpad accelerator to turn promising early-stage projects into high-growth businesses on the verge of having a huge impact on the developing and Web3 markets. ecosystem. Given Canza’s early traction, we are excited to help expand access to Web3 technologies such as decentralized identity tools and KYC options to the Sub-Saharan Africa region. We are excited to help the next cohort of African innovators turn their Web 3.0 visions into reality.