Egyptian fintech and a leading payment orchestration platform in Middle East and North Africa (MENA), MoneyHash, has secured $5.2 million in pre-A funding.
The round was led by Flourish Ventures – a global fintech investor behind industry leaders like Chime, Flutterwave, FairMoney, and Neon – adding to its portfolio of over 100 fintech startups.
Additional investors include:
- Saudi’s Vision Ventures
- Arab Bank’s Xelerate, and
- Emurgo Kepple Ventures
The round also saw the participation of Jason Gardner, founder and former CEO of Marqeta, as his first MEA investment.
Existing investors:
also participated.
Founded in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash created a proprietary payment orchestration platform and comprehensive payment operating system.
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 startup’s enterprise pipeline and long-term contracts helped in raising the pre-Series A funding. These customers fueled a 4x increase in processing volume and a 3x revenue increase over the past year [2024], though specific figures remain undisclosed.
Their solution provides a unified check-out 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.
Following a successful beta launch in 2022, which drew notable clients like Foodics, Rain, and Tamatem, the startup introduced its enterprise suite last October [2024], aimed at large-scale enterprises.
“Strengthening our capital table capabilities is as crucial as enhancing our business and product offerings,” said Abdelrazik.
“In our early years, we strategically focused on partnering with strong regional investors to accelerate our market penetration. Now, with Flourish Ventures joining us, we’re establishing a solid foundation for global expansion.
Having such a fintech well-seasoned, globally recognized fund as our partner is particularly crucial for our next phase of growth.”
Headquartered in New York City, the startup operates with a team of 30 professionals spread across nine countries. The company has previously raised a total of $7.5 million through two funding rounds.
FUNDING | Egyptian Fintech, MoneyHash, Raises $4.5 Million Seed Round to Expand Payment Orchestration Platform – https://t.co/f5rDHg1lcc#Funding #Startups #Fintech #PaymentOrchestration
🌟News Summary in Reply🌟https://t.co/WGKVMCgIz4
— Funding News (@fundingnews_) March 1, 2024
The newly secured capital will be strategically utilized to accelerate its growth in the MEA region while preparing for expansion into other emerging markets. 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
The deal will also see Ameya Upadhyay, Venture Partner at Flourish Ventures, join MoneyHash’s board of directors.
“MoneyHash has built a must-have product for enterprises that delivers better payment performance and higher margins from day one,” said Upadhyay.
“As early-stage investors with a large EM-focused payment portfolio, we have first-hand experience of the massive scale of the opportunity. The team’s deep payment experience and obsessive customer focus positions them to emerge as a leader across Emerging Markets, starting with MEA. We are privileged to be part of the journey.”
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