US-Based Egyptian Fintech MoneyHash Raises $3 Million Pre-Seed
This latest fund comes as an extension of an undisclosed six-figure raise in 2021.
Fintech reigned supreme as the most active industries in MENA in 2021, with a slew of innovative financial solutions coming to the forefront to tackle some of the region’s biggest challenges. Egypt is among the most underserved emerging markets, still largely lacking the infrastructure necessary for a thriving digital economy. Digital payments are a foundational piece of this infrastructure and one Egyptian fintech, MoneyHash, is working to lay the groundwork for Egypt’s digital future. The Egyptian-born, US-based startup is automating access to digital payment methods to boost the growth and development of SMBs and enterprises in the region. It has now secured $3 million in pre-seed funding to support its development of MENA’s first Super-API for payment orchestration and revenue operations.
The round was led by UAE VC, COTU Ventures, with participation from VentureSouq, VentureFriends, Kepple Africa Ventures, Ventures Platform, The Continent Venture Partners, Nuwa Capital, First Check Ventures, Fox Ventures and Loftyinc Capital Management, alongside a consortium of strategic angel investors. The round is an extension of an undisclosed six-figure raise announced in 2021 and will be chanelled into expanding the startup’s technological capabilities, as it looks to close the gaps inside the financial ecosystem. Nader Abdelrazik, co-founder and CEO stated,
“The region is highly fragmented due to the lack of economic integration between countries in MEA, which means that the countries’ payment methods, currencies, and regulations operate in isolation,” said Nadel Abdelrazek, co-founder and CEO of MoneyHash. “By building a custom infrastructure with a single integration and a central dashboard, we provide a platform for companies to grow and address this complexity without depleting their resources.”
MoneyHash offers businesses a streamlined payment stack and optimises their pay-in/pay-out operations in an affordable manner. Since its beta launch in 2021, the company has conducted extensive user research with more than 150 companies and built a comprehensive suite of tools and sandbox environment, which is currently being tested with 17 companies. Alongside the Super-API, MoneyHash also offers a wide range of customizable services for businesses, giving them the flexibility to build a payment stack tailored to their unique needs.
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