HoneyCoin

HoneyCoin is a Nairobi, Kenya-based payments and treasury infrastructure company that lets businesses collect, convert and settle funds across borders using a hybrid of fiat and stablecoin rails. Its platform includes multi-currency fiat and crypto wallets, named virtual accounts (KES, USD, GHS, NGN), bulk payouts, invoicing and payment links, stablecoin minting (on/off-ramps for USDC and USDT), virtual cards, and an OTC desk for large-volume conversions between USD, stablecoins and local currencies. Developer-facing APIs, webhooks and SDKs for Node, Python and Ruby allow customers to embed collections, transfers, on/off-ramp transactions and customer sub-accounts into their own products.

The company operates a two-brand structure: HoneyCoin serves enterprises, while Peer is the direct-to-consumer "super app" retained under the HoneyCoin umbrella after a 2024 rebrand. Peer offers flight and hotel booking, bill payments, gift cards, virtual cards, bank accounts, insurance and cash deposit/withdrawal via MoneyGram locations, with distribution through Google Play. HoneyCoin's website cites connectivity to 22-plus markets with more than 50 mobile money providers and over 200 banks integrated, and lists live markets including Kenya, Tanzania, Nigeria, Uganda, South Africa, Malawi, Ghana, Rwanda, Zambia, Ethiopia, Gambia, Senegal, South Sudan, the UK, the US and EU corridors.

A corporate entity, HONEYCOIN, INC., is registered at 651 N Broad St Ste 206, Middletown, Delaware, United States.

Founding story

Founder David Nandwa began coding at age nine, ran businesses from his mid-teens, studied computing at Arden University and had two startup exits by 2019, when he was 19. The idea for HoneyCoin came after he worked remotely from Kenya for a US company and had his payment account flagged and frozen, with settlement delayed by months, highlighting the unreliability and cost of cross-border payment options for Africa. He made the project his focus during the 2020 pandemic lockdown, later deferring his final university year to work on it full time.

Business model

HoneyCoin sells payment and treasury infrastructure primarily to businesses, ranging from startups to enterprises, and additionally runs a consumer application, Peer. Enterprises use its wallets, virtual accounts, OTC desk, cards and APIs for collections, payouts, FX and stablecoin settlement; corporate clients can pay up to $2,500 per month to integrate its payments API. It also offers white-labeled embedded finance infrastructure such as multi-currency wallets and treasury solutions.

Revenue comes from transaction fees of 0.3%-1%, FX spreads of 0.2%-0.8%, and subscription/API services, with most revenue reported to derive from B2B settlement and acquiring. Fees are priced per route with no tiers, and are displayed before a collection, swap or payout is confirmed; there are no setup fees or long-term contracts. API integration for corporate clients is billed up to $2,500 monthly.

Traction

As of August 2025 the company reported processing $150 million in monthly transaction volume, 350 enterprise clients and 326,000 direct consumers, with B2B volumes growing 16% month-on-month and Peer consumer activity growing 5% monthly; about 60% of transactions were domestic B2B. Its lead investor cited more than $100 million processed monthly and more than 200,000 Peer users. Earlier milestones include $45 million processed in Q4 2023, the first full quarter after the B2B launch, and approximately half a billion dollars per quarter by the end of 2024. The company's website states 80-plus businesses transact up to $5 million per day, and the Peer Android app shows over 50,000 downloads. Management stated the company had been profitable for two years as of August 2025.

Latest developments

In August 2025 HoneyCoin announced a $4.9 million seed round led by Flourish Ventures with Visa Ventures, TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures and Antler participating, bringing total capital raised to just over $5 million. Proceeds are earmarked for senior hires, additional licences, product expansion and compliance, and entry into Mozambique, Zambia, Rwanda, Francophone Africa, Latin America and Asia. Products planned for Q3 2025 include a stablecoin-backed Visa debit card, a cross-border liquidity solution for African corporates with Interswitch, banking-as-a-service in Ghana, Malawi and Tanzania, and a software POS product for East Africa.