Canza Finance Raises $2.3 Million to Obtain Licenses from Financial Regulators Across Africa

From Left to Right: Pascal Ntsama, CEO, and Co-Founder, and Oyedeji Oluwole, CTO, and Co-Founder of Canza Finance.

Exciting news from Canza Finance, a cryptocurrency startup based in Nigeria! They’ve just wrapped up a funding round, raising a significant $2.3 million. The primary goal? To enhance their decentralized finance (DeFi) products, with a spotlight on their newly launched Baki.

Leading this investment charge is Polychain Capital, alongside notable contributors like Protocol Labs, Blizzard Fund, 99 Capital, Stratified Capital, and Hyperithm. This funding marks a noteworthy moment for Canza Finance, coming roughly two years after their initial seed round of $3.27 million. Back then, their aim was to offer cryptocurrency-based services not only in Nigeria but across various parts of Africa.

Let’s rewind a bit. Canza Finance came into play in 2020, thanks to the efforts of Pascal Ntsama and Oyedeji Oluwole, who serves as the Chief Technology Officer (CTO). Their mission? To streamline cross-border settlements in Africa and enhance efficiency.

Initially, their focus was on assisting African companies, many of which faced challenges in accessing foreign exchange. Canza Finance wanted to revolutionize international trades by enabling these companies to use cryptocurrency for settlements. Their collaboration with local foreign exchange agents, known as “Aboki,” helped facilitate payments for goods and services through partnerships with on- and off-ramp entities in multiple countries.

Now, let’s talk about Baki. Canza Finance uses Baki to help businesses exchange their currencies to the dollar without incurring hefty forex fees. It’s a game-changer in the world of synthetic FX exchange on-chain protocols, offering a new way to digitally convert currencies without the need for physical money. And here’s the kicker – Baki aims to bring down transaction fees to a minimal 0.2%.

But Canza Finance doesn’t stop there. They’ve got a lineup of innovative products, including the DeFi protocol jollof.fi and CXDS (Centralized eXchange Default Swaps) for crafting credit default swaps. Their upcoming ventures include the OTC trading platform jaraOTC for FX and the Canza Crypto Teller Machine (CTM) for seamless onramps and offramps.

Wondering how Canza Finance makes money? They charge a modest 1% of each transaction processed, ensuring sustainability and growth. The startup is no stranger to success, boasting an impressive weekly transaction volume of approximately $2,000,000. Their reach extends to markets in Senegal, Nigeria, Cameroon, and even the United States.

Looking ahead, Oluwoye, Canza Finance’s CTO, shares exciting plans. The company is gearing up to accelerate infrastructure development, with a particular focus on Africa. This forward-looking approach aligns with their commitment to making a positive impact in the financial landscape.

In essence, Canza Finance’s recent funding injection is propelling them to new heights in the world of DeFi. As they continue to innovate and expand their reach, the cryptocurrency community eagerly anticipates the transformative changes they’ll bring to cross-border transactions and financial accessibility, especially within the African continent.