Egyptian fintech startup MoneyHash recently announced a significant milestone, raising $5.2 million in a pre-Series A funding round. This latest injection of capital brings the company’s total funding to over $12 million since its establishment in early 2021. The funding round was led by Flourish Ventures, a prominent global fintech investor, with support from Vision Ventures, Arab Bank’s Xelerate, and Emurgo Kepple Ventures. Noteworthy investors like Jason Gardner, the founder of Marqeta, also contributed to the round, marking his first investment in the region. Existing investors, including Tom Preston-Werner and COTU Ventures, continued their support for the company.
MoneyHash plans to utilize the funds to enhance its payment orchestration platform, which simplifies complex payment systems for enterprises. The platform offers a unified API that connects various payment providers and gateways, providing features such as advanced transaction routing, fraud prevention, customizable checkout options, and detailed analytics. With over 300 pre-integrated APIs and operations in more than 100 markets, MoneyHash enables businesses to improve performance, reduce operational inefficiencies, and increase revenue generation.
Investors were attracted to MoneyHash for several reasons. Firstly, the company addresses the fragmented payment ecosystem in the Middle East and Africa, offering solutions to streamline payment processes for merchants. Additionally, the region presents a growing market for digital payments, indicating significant scalability potential for MoneyHash. The company has demonstrated impressive growth metrics, including a fourfold increase in processing volume and a threefold rise in revenue over the past year, driven by its focus on enterprise clients. MoneyHash’s comprehensive approach to addressing payment challenges, coupled with the founders’ extensive experience in fintech and enterprise software, further bolstered investor confidence in the company.
Founded in early 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash specializes in payment orchestration, aiming to simplify payment systems for merchants in the Middle East and Africa. Initially targeting small merchants, the company shifted its focus to larger enterprises in 2024, resulting in a significant increase in its enterprise customer base. MoneyHash’s platform integrates with over 300 APIs, allowing seamless operations across more than 100 markets. By focusing on emerging markets and effectively addressing key payment challenges, MoneyHash has established itself as a leader in payment orchestration in the region.
Overall, MoneyHash’s recent funding round and strategic initiatives highlight the company’s ambition to reshape the payment ecosystem in the Middle East and Africa. With strong investor support and a robust platform, MoneyHash is well-positioned for continued growth and success in the fintech industry.
