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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
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FUNDING | Egyptian Fintech, MoneyHash, Raises $4.5 Million Seed Round to Expand Payment Orchestration Platform
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.
with participation from:
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.
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:
“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.