"They hit it off instantly and have a real laugh together. They've been on holiday together and Beatrice introduced him to Fergie and her dad," a source told The Sun.
"Things are moving very quickly and it wouldn't surprise anyone if they got engaged within a short period of time."
Friends are reportedly thrilled by the match, claiming the Princess is very happy.
Her new flame is a dog lover and opera fan who founded his property consultancy Banda, or "big shed" in Swahili in 2007 which reportedly specialises in finding and developing multi-million dollar homes for rich clients.
Princess Beatrice's former flames
Princess Beatrice, the Queen's granddaughter and eighth in line to the throne, has had two previous romances.
She had been single since her breakup from American boyfriend Dave Clark in 2016, after 10 years together.
The 33-year-old Uber executive married his new partner in July.
The Princess' first love, who she began dating when she was 17, was New Yorker Paolo Liuzzo. In 2009, Liuzzo was arrested in Australia and charged with cocaine possession.