At just 23 years old, Nandwa has already established himself as a force to be reckoned with in the fintech industry. As the CEO, CTO, and founder of two thriving payment companies, HoneyCoin and Peer, his journey is a testament to his tenacity and ability to navigate the complex world of financial technology from a young age.
MIDDLETOWN, Del., Aug. 13, 2024 /PRNewswire-PRWeb/ — Many entrepreneurial ventures begin with a problem and a visionary individual committed to solve it. David Nandwa is no exception, but his vision included smashing personal financial barriers and overcoming imposter syndrome to build what is arguably on the way to becoming a category-defining company in emerging markets, like Africa, and literally changing the lives and livelihoods of millions of individuals and businesses across the globe.
At just 23 years old, Nandwa has already established himself as a force to be reckoned with in the fintech industry. As the CEO, CTO, and founder of two thriving payment companies, HoneyCoin and Peer, his journey is a testament to his tenacity and ability to navigate the complex world of financial technology from a young age.
A Precocious Childhood
Born and raised from humble beginnings in Nairobi, Kenya, Nandwa’s childhood was marked by a passion for technology and entrepreneurship. He began coding at the tender age of 9 and was an early contributor and Moderator for platforms like Codedemy, a skill that would form the foundation of his entrepreneurial journey. By age 15, he was already starting and running businesses and had finished his general education. Despite the demands of his academic work, David maintained good grades in school and went on to study computing at Arden University and by 2019 already had two successful exits under his belt. He later deferred his final year of university to focus on his entrepreneurial ambitions full time – a decision that has certainly paid off.
Seeing a Problem – and a Solution
While building businesses of his own and consulting with other companies, He encountered a major issue with getting paid as an individual or business in Africa due to what Nandwa calls the “fragmentation problem”. In addition to frequently having his funds frozen or being required to provide large amounts of documentation only to have funds still held for weeks and sometimes months by different platforms. “Africa has historically been lagging when it comes to attractive unit economics for tech-enabled startups and financial innovation,” David remarked. “As a result, venture capital investors or fintech leaders like Paypal, Wise, Revolut and Monzo have been slow to optimize for or scale into emerging markets like ours.”
Nandwa discovered this shared struggle and frustration by other individuals and business owners and decided to throw his hat in the ring. “I truly believe that it’s impossible to create a prosperous nation or community without first creating the financial layer for people to easily do business with each other and connect. Without this, we’re wasting our time.” he said.
“I’m not willing to wait for things to become better, so it’s up to us with something to lose and boots on the ground to do something about it.”
The Birth of HoneyCoin
David’s business epiphany came during the height of the pandemic. He was daring enough, or crazy if you will, to start a business during the uncertain times we all lived through, but his intuition and grit didn’t allow him to give up. And he was right. The businesses have seen phenomenal growth over the past 3 and a half years, scaling from just several hundred dollars in monthly payments processed in 2020, to tens of millions of dollars each month, flowing through his ventures.
HoneyCoin, the B2B side of the business, is a cross-border payments and treasury management platform with operations primarily in Africa, Europe, and the United States. The company is live in key African markets such as Kenya, Nigeria, and South Africa, and 27 EU countries and has recently expanded into the US. With partnerships with such established companies like MoneyGram, Stripe, and banks like UBA and Brex, the platform serves more than 100 business customers with quarterly transactions of more than $100MM and offers its customers access to a wide range of financial services and corridors which include – multi-currency bank accounts, invoice financing, payment infrastructure and more.
While traditionally settlements can take up to 7-14 days via networks like SWIFT, HoneyCoin enables settlements within hours and in some cases, instantly, while also providing significant cost savings on cross-border payments and FX through it’s blockchain-based custodial settlement network built as a result of strategic partnerships and proprietary technology. The platform’s bulk disbursement feature connects startups, corporates, and businesses to over 38 markets, making it an indispensable tool for companies operating in multiple regions.
The Rise of Peer
Interestingly – he launched Peer, the direct-to-consumer side of the business that was rebranded earlier this year in 2020, 2 years before the B2B business which has seen explosive growth whilst being operational for a fraction of the time. Peer has quickly become one of the most popular super apps for young consumers in emerging markets. Headquartered in the US, Peer boasts nearly 327K registered customers with monthly GTV’s exceeding $10 million dollars. Peer’s success lies in its ability to offer a comprehensive suite of services that cater to the diverse needs of its users. From booking flights, and shopping online with a debit card issued by Peer to sending and receiving money in over 38 countries, the platform offers one seamless experience for customers making multiple types of transactions.
Peer’s launch was met with significant media attention, with press coverage highlighting its innovative approach to consumer financial services. Nandwa’s vision for Peer is rooted in the understanding that consumers in Africa don’t need 5 apps to manage their finances and lifestyles or yet another predatory loan app that taunts financial empowerment – what Africa and other emerging markets need is products that prioritize aggregation as well as tools to build better credit for consumers that allows them to achieve their medium-to-long term goals. Peer addresses this gap by providing a platform that is not only accessible but also tailored to the unique needs of its users.
Challenges and Triumphs
David’s journey has not been without its challenges. Navigating the complexities of the fintech industry, particularly in emerging markets, requires a deep understanding of local and global financial systems, as well as the ability to anticipate and adapt to rapid changes in technology and regulation. However, Nandwa’s resilience and unwavering commitment to his vision have enabled him to overcome these obstacles and build companies that are not only profitable but also transformative.
One of the key challenges he faced was raising venture capital to fund his ambitious projects. Despite the odds, he has successfully secured funding from prominent investors such as Antler, Flourish Ventures, 4DX Ventures, and angel investors from leading companies like Pinterest, Facebook, and OpenAI. This financial backing has been instrumental in scaling both HoneyCoin and Peer, allowing them to expand their reach and impact.
Vision for the Future
Looking ahead, David is focused on continuing to drive growth and innovation within the fintech space to benefit customers across the world; particularly those that have been historically underserved or overlooked. His goal is to leverage the power of technology and domain expertise to create even more efficient, accessible and innovative financial solutions for businesses and consumers alike. As he continues to build on the success of HoneyCoin and Peer, it’s clear that he remains committed to his mission of revolutionizing the financial landscape in emerging markets.
In a world where financial systems are often slow to address the needs of emerging markets, entrepreneurs like Nandwa stand out as a beacon of progress and possibility as his work lays the foundation for a more inclusive and innovative financial future. Underscoring one of his core guiding principles that “Talent is evenly distributed but opportunity is not. And if no one will offer you a seat at the table – build one and surround it with those who helped you do it.”
His journey is far from over, however. As David Nandwa continues to push the boundaries of what is possible in fintech, the world will be watching to see what this young entrepreneur and changemaker does next.
Media Contact
Alice Kanjejo, HoneyCoin, Inc, 254 701416217, alice@honeycoin.app, https://honeycoin.app
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SOURCE HoneyCoin, Inc
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