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EGYPTIAN STARTUP MONEYHASH RAISES $3MILLION PRE-SEED AS IT EMERGES FROM BETA

MoneyHash, an Egyptian startup that concentrates payment and fintech solutions via one integration, closed a multimillion US Dollar funding round in June 2021 has announced a US$3 million extension to the round

The startup was founded in late 2020 by Mustafa Eid, Nader Abdelrazik, and Anisha Sekar.  It gives a consolidated checkout experience erected on top of a secure super-API.

UAE-based venture capital firm COTU Ventures led the round and MENA fintech fund VentureSouq, as well as European fund VentureFriends, pitched in.  In addition, other assisting funds include Nuwa Capital, The Continent Venture Partners, First Check Africa, Kepple Africa Ventures, Fox Ventures, and LoftyInc Capital Management.

A worldwide group of investors also pitched in, which include Belvo’s Oriol Tintore, NerdWallet’s Tim Chen, and Jake Gibson.  Equally important are regional operators like Hussein Elkheshen (Sakneen), Jad Antoun (Huspy), and Feras Jalbout (Baraka).

The funding happens as MoneyHash comes from beta to unveil its platform across the MEA region.  The enterprise helps companies in emerging markets to simplify their payment stack.  In addition, it facilitates pay-in/pay-out operations without bankruptcy.

Consequently, early-stage businesses usually start with one or two providers for payment processing and payout.  However, as these grow they add on more providers to meet their increasing needs.

Mustafa Eid, co-founder, and CTO at MoneyHash says, “Each expansion can take an in-house tech team 3-10 weeks, not to mention the ongoing demands of reporting reconciliation, operational inefficiencies, and technical vulnerabilities.  And that’s a challenge we are passionate to solve.”

The startup has been in beta since the beginning of 2021.  In addition, 17 companies employ their sandbox environment to test integration and tools.  MoneyHash has done extensive user research with more than 150 companies.

In addition, it has engaged several providers across the region as well as built a comprehensive suite of tools.

MoneyHash users can link up with services across the revenue stack.  These include pay-in/pay-out providers across MEA to value-added service providers like KYC, fraud detection, and loyalty programmes.  All with a single connection point.

Also, MoneyHash offers customizable services for a range of businesses.  These include a unified checkout experience for e-commerce as well as centralized reporting for business intelligence. In addition, the startup offers micro-services like invoicing, transaction routing, and subscription management.

Further Reading: SONA Group Receives Award

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