- Egyptian-fintech-based startup Connect Money has closed its seed funding round of $8 million to support its expansion efforts in Egypt and Morocco.
- DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners co-led the funding round with participation from One Stop Capital and MDP.
- The funding will enable Connect Money to launch five new business verticals across North African markets aiming to make it the go-to platform for businesses seeking seamless banking services.
The fintech will focus on furthering its expansion in current markets like Egypt and Morocco, fueling innovation and enhancing technological capabilities, and accelerating entry into new markets, particularly in Africa.
Founded in 2024 by Ayman Essawy, Marwan Kenawy and Momtaz Moussa, Connect Money offers a white-label card issuing platform. The platform allows businesses to offer debit and credit cards to their customers without having to build fintech infrastructure or acquire regulatory licences.
The solutions include digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Also, it provides end-to-end support including KYC verification, customer support, and mobile banking app development, enhancing the payment experience for both clients and their customers through a unique SaaS offering.
Ayman Essawy Co-founder and CEO of Connect Money said that the seed investment underscores the company’s rapid growth potential as it aims to eliminate existing pain points for businesses seeking to become financially enabled.
“Connect Money’s expertise, deep market knowledge, and cutting-edge integrated tech will greatly enhance accessibility and efficiency in financial services, benefiting the fintech-enabled ecosystem and transforming banking operations while positioning Egypt as a valuable hub for exporting embedded finance services,” Mohamed Okasha, Managing Partner of Disruptech Ventures also stated.
Connect Money is among several fintech companies in Africa's BaaS sector, such as Nigeria's Anchor, Maplerad, and Bloc, financial services accessible to the masses. They empower businesses to offer personalised financial solutions to their customers, enhancing accessibility across the board.
The Middle East & Africa Banking-as-a-Service (BaaS) Market size was valued at $66.14 billion in 2023 with a total revenue expected to grow at 7.4% through 2024 to 2030, reaching nearly $109.02 Billion.