Canza, an African Neobank and DeFi On/Off-Ramp, Secures $3.27M in Seed Funding

Canza, an emerging markets neobank building the world’s largest non-institutional financial system, secured $3.27 million in funding, led by Capital Fenbushi, to expand operations across the continent.

Other tour participants include:

  • Domination companies
  • Bixin Ventures
  • ConsenSys
  • Protocol laboratories
  • Emurgo Ventures
  • World MEXC
  • NGC Enterprises
  • XanPool
  • Sharp touch
  • The founders of Celo

Canza is a DeFi solutions portal founded in 2020 by telecommunications experts Pascal Ntsama and Oyedeji Oluwoye to address a critical financial need of SMEs seeking foreign currency for transaction settlement and cross-border business.

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SEE ALSO: Top 3 Fintech sectors to watch in 2022 across Africa

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Canza provides local FX traders with valuable access to capital, process automation, and a high-yield deposit vault in exchange for their local currency.

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.

The neobank seeks to leverage its extensive network of local money market operators to offer financial transaction services to clients in 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 bring financial freedom to millions of people.”

– Co-founder, Canza

According to Colin Evran, Ecosystem Lead, Protocol Labs, Canza is expected to have a huge impact on the development of Web3 in developing markets.

“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.

– Ecosystem Manager, Protocol Labs

This funding will allow Canza to continue to grow its workforce and expand its service offering in Nigeria and other growing regions, including South America and Asia.

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RECOMMENDED READING: Introducing Santym – a borderless NeoBank that supports Bitcoin and Stablecoins for African businesses

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