Egypt’s MoneyHash, a payment orchestration platform in the Middle East and Africa, has secured a $4.5 million seed funding round to facilitate its expansion efforts.
Established in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has built a proprietary payment orchestration platform and an end-to-end payment operating system. Following a successful beta launch in 2022, which attracted key players in the region such as Foodics, Rain, and Tamatem, the startup introduced its enterprise suite last October [2023], with a focus on serving large enterprises.
In 2023, MoneyHash saw significant growth, doubling its network of integrations, tripling revenue, and increasing its processing volume by 30 times. The company also secured large enterprise customers shortly after its October 2023 launch.
The $4.5 million seed round of funding was co-led by:
- COTU Ventures and
- Sukna Ventures
with participation from:
- RZM Investment
- Dubai Future District Fund
- VentureFriends,
and a group of strategic investors and operators.
This funding will empower MoneyHash to continue investing in its technology and expand its business growth initiatives across the region.
In 2022, MoneyHash expressed intentions to expand in sub-Saharan Africa, with South Africa, Nigeria and Kenya mooted.
Egyptian🇪🇬 Payments API and Aggregator, MoneyHash, Launches Services Across Africa
The startup, which raised $3 million in seed funding, describes itself as the Middle East and Africa’s ‘first super-API for payment orchestration and revenue operations.’https://t.co/Wa9pPprCve
— BitKE (@BitcoinKE) October 26, 2022
Their solution provides a unified checkout experience built on top of a secure super-API that aggregates payment and fintech solutions through a single integration as well as a central dashboard consolidating technical infrastructure and centralizing data and operational reporting.
So far the super API has integrations with over 90 payment providers including:
- Stripe
- Stitch
- MasterCard
- Visa
- Monnify
- Fawry
🇿🇦 LAUNCH | Leading South African Fintech, Stitch, Unveils ‘Pay with Crypto’ Product for Local Businesses
The 'Pay with Crypto' feature provides customers with the flexibility to either make a deposit or complete a transaction using cryptocurrency stored in their VALR or Binance… pic.twitter.com/QsGfLc5LSp
— BitKE (@BitcoinKE) November 29, 2023
“Businesses appreciate the large network of integration we have, not just for coverage, but for expertise. When they know that we executed all these integrations in-house, they appreciate the team’s expertise and depth of knowledge and leverage our team to navigate difficult questions in payments. They know that working with us makes them future-proof,” noted Nader Abdelrazik, who founded MoneyHash with Mustafa Eid.
“We firmly believe that the full potential of digital payments in MEA is yet to be realized. MoneyHash developed a sophisticated and high-quality platform that can catalyze the growth of digital payments across the region, enabling both global and local merchants to tap into new revenue streams,” said Amir Farha, Managing Partner at COTU.
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