Egyptian fintech MoneyHash gets $4.5 million seed to facilitate payments in Africa

February 27, 2024
2 min read
Mustafa Eid (CTO) - Elena Panchenko (CPO) - Nader Abdelrazik CEO); Source: MoneyHash

The news: 

  • MoneyHash, an Egyptian fintech startup, has announced its $4.5 million seed funding to bolster its payment technology and foster growth across the Middle East and Africa (MEA) region. 
  • COTU Ventures and Sukna Venture led the round, and other investment outfits such as RZM Investment, Dubai Future District Fund, VentureFriends, and individuals like Tom Preston-Werner (founder of GitHub and Stripe investor), among other strategic investors and operators, participated.
  • Two years ago, the payment platform raised $3.5 million in pre-seed funding, with COTU Ventures also leading the round. 

Co-founded in 2020 by Nader Abdelrazik (CEO), Mustafa Eid (CTO), and Anisha Sekar (former CPO), MoneyHash is a payment orchestration platform that simplifies payment processes for merchants in the MEA region using its unified payment APIs. 

Merchants and businesses frequently work with multiple payment providers to ensure their platforms run smoothly. Integrating several payment solutions presents many challenges, including technical difficulties, operational inefficiencies, and delays. 

In the MEA region, endemic challenges, including currency differences, diverse payment methods, and nation-state isolation, exacerbate these setbacks.

MoneyHash says it solves these problems with its unified API that allows merchants or companies to integrate pay-in and pay-out rails, a fully customisable checkout process, transaction routing capabilities, and a transaction reporting centre.

The platform also features tools that enable virtual wallets, subscription management, and payment links. 

Abdelrazik emphasised that 10% of all payments processed in the MEA region are digital, highlighting MoneyHash's unique position and allowing it to capitalise on the upcoming mass payment digitalisation opportunity. 

To successfully navigate the region’s nascent payment market, MoneyHash recognises that it needs adequate patience, ongoing consistency, and a commitment to learning.

Commenting on MoneyHash’s progress with merchants in the last year, Abdelrazik said, “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.” 

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According to the fintech, 50 active paying customers use its platform with no free tier offer. Its SaaS and transaction fees start at $500 + 0.4%. The larger the enterprise the SaaS fees increase and transaction fees decrease. This variation, Abdelrazik explained, is due to the volume.

Speaking on the investment, Amir Farha, Founder and General Partner at COTU Ventures, expressed confidence in the capability of MoneyHash’s platform to actualise the full potential of digital payments in the region. 

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