Egyptian fintech startup MoneyHash has secured $4.5 million in seed funding to further develop its payment technology and expand its reach across the Middle East and Africa (MEA) region.
The funding round was co-led by COTU Ventures and Sukna Ventures, with participation from various other investors including RZM Investment, Dubai Future District Fund, and VentureFriends. Notably, COTU Ventures also led MoneyHash's $3.5 million pre-seed funding round in 2021.
Founded in 2020, MoneyHash is a payment orchestration platform co-founded by Nader Abdelrazik (CEO), Mustafa Eid (CTO), and Anisha Sekar (former CPO). The company's core offering is a unified payment API that aims to simplify the complex process of integrating various payment providers for businesses in the MEA region.
Integrating multiple payment solutions often presents difficulties for businesses, including technical complexities, operational inefficiencies, and delays. These challenges are further amplified in the MEA region due to diverse factors like currency differences, multiple payment methods, and regional fragmentation.
MoneyHash's unified API addresses these challenges by offering functionalities such as integrating pay-in and pay-out rails, customizable checkout processes, transaction routing capabilities, and a transaction reporting center. The platform additionally offers tools for virtual wallets, subscription management, and payment links.
With only 10% of all transactions currently processed digitally in the MEA region, MoneyHash sees a significant opportunity for growth. The company aims to capitalize on this potential by providing businesses with the necessary tools for seamless integration and future-proof payment solutions.
Recognizing the unique challenges of navigating the MEA's nascent payment market, MoneyHash emphasizes the importance of patience, consistency, and continuous learning. The company highlights its expertise in handling diverse integrations internally, allowing them to offer merchants future-proof solutions tailored to their specific needs.
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