About the Company

HoneyCoin is a fintech platform designed to support creators and digital businesses, particularly in Africa, in monetizing their online presence and managing their finances. It allows users to process both fiat and cryptocurrencies in a seamless, accessible way, providing key features like remittance, payments, and budgeting. The platform is designed to offer an easy-to-use experience, even for those with little prior knowledge of cryptocurrencies. Since its soft launch, HoneyCoin has gained traction in 11 countries, with plans for further expansion.

The platform is operational on Android and Web platforms, with plans to release an iOS version. The company is currently run by founder David Nandwa, who manages all operations single-handedly. Despite being in its early stages, HoneyCoin has proven profitable and continues to gain users, making it a promising venture in the African tech space.

Idea Behind Company

The idea for HoneyCoin was born from David Nandwa’s personal experience with financial frustrations. After his PayPal account was arbitrarily frozen, leaving him unable to access his funds, he realized how restrictive and unfriendly existing payment platforms were for young people, especially in Africa. He sought alternatives but found most were either expensive or offered poor user experience. The growing interest in cryptocurrencies gave David the inspiration to create a platform that could provide a simple, affordable solution that worked for both traditional and digital currencies.

David also identified a market gap for African creators who lacked suitable platforms to monetize their work, even if they had a small audience. Platforms like GumRoad or Patreon weren’t built for the African market, so he envisioned a solution that could help local creators thrive. He saw that small creators could earn a comfortable living by building a direct relationship with their audience, and HoneyCoin could facilitate this by offering better access to global financial systems.

Creating the Company

David started building HoneyCoin with a minimal viable product (MVP) to validate the concept. The initial version was simple and functional, focused primarily on testing the core idea with a small group of friends and family. After the initial success, David dedicated more time to refining the design and expanding the features of the platform. The process was a learning experience, and due to budget constraints, David handled everything from development to design on his own.

The first iteration of the app was called "Macro" but was later rebranded to HoneyCoin as the product evolved. David worked quickly and on a tight budget, managing to develop the platform’s core functionality in just a few weeks. Although the platform started small, the early validation and feedback gave him the confidence to push forward, aiming to create a solution that could serve both individual users and businesses in Africa.

Launching the Business

The launch of HoneyCoin was marked by David’s personal investment of $1,000 to ensure liquidity for the platform’s early users. Rather than raising external funding, he wanted to first test the product's viability. This initial risk paid off, as the platform quickly gained traction and started processing significant transaction volumes. However, David underestimated the demand during the pandemic, leading to liquidity issues at one point, processing $9,800 a day instead of the planned $1,000.

Despite the growing pains, the platform's ability to offer instant settlements remained a key selling point, and David was able to adjust the liquidity over time. By raising money, David plans to scale HoneyCoin to accommodate the increasing demand. As of now, the platform is profitable, and David is focused on expanding the user base further, with the goal of making HoneyCoin a major player in Africa's growing creator economy.

Earnings

Since launching, HoneyCoin has processed around $10,000 in monthly revenue, with net profits ranging between $1,000 and $2,000. The platform generates revenue through various monetized features, including the ability for creators and users to manage their payments and crypto assets efficiently. David has focused on ensuring that the platform’s liquidity is sustainable, with the earnings generated from users’ activity helping to cover liquidity needs.

Looking ahead, David has set ambitious goals for HoneyCoin. He aims to increase transaction volumes to $100,000 per month and help 10 micro-creators (with 1-10k followers) generate a comfortable income from their online work. With an expanding user base and a growing demand for a reliable platform, David is hopeful that HoneyCoin can become a key financial tool for creators across Africa, setting them up for long-term success.