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In the fast-paced realm of financial technology, David Nandwa, a 23-year-old Kenyan entrepreneur, is emerging as a transformative force in emerging markets.

Nandwa’s journey from child prodigy to fintech innovator began in Nairobi, where he started coding at age 9. By 15, he had not only completed his general education but was also running businesses, setting the stage for his future endeavors. As a young teenager, Nandwa was already contributing to and moderating platforms like Codedemy, honing his skills and building a reputation in the tech community.

This early exposure to entrepreneurship, combined with his technical skills, set the stage for his future success. He went on to study computing at Arden University, balancing his academic pursuits with his growing business interests.

The spark that ignited Nandwa’s fintech journey came from a personal experience that many in emerging markets face: the challenge of getting paid. As an individual and business owner in Africa, Nandwa encountered what he calls the “fragmentation problem” in the financial system. He experienced firsthand the frustrations of having funds frozen, facing excessive documentation requirements, and enduring long wait times for transactions to clear.

This experience opened Nandwa’s eyes to a broader issue affecting individuals and businesses across Africa and other emerging markets. He realized that the lack of efficient, accessible financial services was a significant barrier to economic growth and prosperity. As Nandwa astutely observes, “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.”

Recognizing that established fintech leaders and venture capital investors were slow to optimize for or scale into emerging markets, Nandwa decided to address this gap in the market which led to the birth of a groundbreaking company: HoneyCoin.

HoneyCoin is a B2B2C business which means that it has both a consumer arm and business serving arm, Peer is the B2C arm of Nandwa’s fintech empire, and exists as a financial super app for consumers in over 38 countries.

The B2B arm of the business operates under the company’s parent brand and  was launched as a cross-border payments and treasury management platform. What sets HoneyCoin apart is its ability to facilitate rapid settlements – often within a couple of minutes or even instantly – in contrast to traditional systems like SWIFT that can take up to two weeks.

This dramatic improvement in transaction speed, coupled with significant cost savings on cross-border payments and foreign exchange, has made HoneyCoin an invaluable tool for businesses operating in multiple regions.

The platform’s success is evident in its impressive growth trajectory. From processing just a few hundred dollars in monthly payments in 2020, HoneyCoin and Peer now handle tens of millions of dollars each month. The company has established operations in key African markets such as Kenya, Nigeria, and South Africa, as well as EU countries and the United States and received approvals or licenses in key markets like Kenya, Europe, South Africa & more.

“We’re present in 38 countries right now. The key to our growth has been understanding the unique needs of our users and establishing strategic partnerships with some of the largest companies in the world. We’re creating solutions tailored to local realities,” Nandwa says. Strategic partnerships with established players like MoneyGram, Stripe, and banks such as UBA and Brex have further bolstered HoneyCoin’s capabilities and reach.

On a consumer level, Peer’s success lies in its comprehensive approach to financial services. Rather than offering fragmented solutions, the platform provides a one-stop-shop for various financial needs. Users can book flights, shop online with a Peer-issued debit card, and send and receive money across all countries – all within a single, seamless experience. This integrated approach addresses a crucial need in emerging markets, where consumers often juggle multiple apps to manage their finances and lifestyle needs.

The numbers speak to Peer’s rapid ascent: with nearly 327,000 registered customers and monthly Gross Transaction Values (GTVs) exceeding $10 million, the platform has quickly established itself as a force to be reckoned with in the fintech space.

Nandwa’s journey, however, has not been without its challenges. Building a fintech company in emerging markets requires navigating complex regulatory landscapes, overcoming technological hurdles, and addressing deeply ingrained financial behaviors. Moreover, securing funding for ventures focused on underserved markets can be an uphill battle.

Despite these obstacles, Nandwa’s resilience and unwavering commitment to his vision have enabled him to overcome these challenges.  His ability to articulate the potential of his ventures has attracted investment from prominent backers such as Antler, Flourish Ventures, and 4DX Ventures, as well as angel investors from leading tech companies like Pinterest, Facebook, and OpenAI. This financial backing has been crucial in scaling Peer, allowing it to expand their reach and impact.

What sets Nandwa apart is not just his technical acumen or business savvy, but his deep understanding of the markets he serves. He recognizes that emerging markets don’t need another loan app masquerading as financial empowerment.

Instead, they need tools that prioritize aggregation and help build better credit, enabling users to achieve their medium to long-term financial goals. “Emerging markets don’t need another predatory loan app. They need tools that actually help people build better credit and achieve their goals,” he says.

This insight informs the development of both Peer and HC B2B, an acronym for their B2B platform, ensuring that the platform doesn’t just replicate existing financial services but truly innovate to meet the specific needs of its target markets. By doing so, Nandwa is not just building successful companies; he’s laying the groundwork for a more inclusive and innovative financial future in emerging markets.

Nandwa’s journey embodies one of his core guiding principles: “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.” This philosophy not only drives his personal ambitions but also shapes the inclusive nature of his ventures, aiming to create opportunities for others in emerging markets.

In a world where financial inclusion remains a significant challenge, entrepreneurs like Nandwa are beacons of progress and possibility. “Peer is not just a company, it’s a symbol of what’s possible when you combine technology, entrepreneurship, and a commitment to social impact,” Nandwa says. “We’re just getting started, and I’m excited to see the impact we can make in the years to come.”

By building bridges between traditional financial systems and the digital age, and by creating tools specifically designed for underserved markets, he is playing a crucial role in democratizing access to financial services.