MoneyHash, an Egyptian fintech startup, raises $3 million in pre-seed funding as it exits beta
MoneyHash, an Egyptian fintech startup that uses a universal API and a unified checkout experience to help businesses consolidate and grow their payments and financial tech stack, has announced a US$3 million pre-seed funding round as it exits beta and prepares to launch across the Middle East and Africa, has announced a US$3 million pre-seed funding round.
MoneyHash, which was founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, offers 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 centralising data and operational reporting.
The startup, which closed a six-figure US dollar pre-seed funding round in June of last year, has now announced a US$3 million extension to that round, which will fuel its ambitious plan to become the “AWS of payments.” MoneyHash intends to use the funds to expand its team and enhance the capabilities of its product.
The round was led by UAE-based venture capital firm COTU Ventures, with the participation of MENA fintech fund VentureSouq and European fund VentureFriends. Other participating funds include Nuwa Capital, The Continent Venture Partners, First Check Africa, Fox Ventures, Kepple Africa Ventures and LoftyInc Capital Management.
A global group of angel investors, including NerdWallet’s Tim Chen and Jake Gibson, Belvo’s Oriol Tintore, and regional operators such as Jad Antoun (Huspy), Feras Jalbout (Baraka), and Hussein Elkheshen, also took part (Sakneen).
The funding comes as MoneyHash exits beta and prepares to launch its platform across the Middle East and Africa region. The startup enables emerging-market businesses to streamline their payment stack and optimize their pay-in/pay-out operations without breaking the bank. Early-stage businesses frequently begin with one or two providers for payment processing and payout, but as they grow, they must add provider after provider to meet their expanding needs.
“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,” said Mustafa Eid, MoneyHash’s co-founder and CTO. “And it’s a challenge we’re eager to take on.”
“These challenges are magnified in emerging markets, particularly in the Middle East and Africa,” said Nader Abdelrazik, co-founder and CEO. “The region is highly fragmented due to the lack of economic integration among MEA countries, which means that payment methods, currencies, and regulations operate independently.” We provide a platform for companies to grow and address this complexity without depleting their resources by building a custom infrastructure with a single integration and a central dashboard.”
The company has been in beta since early 2021, with 17 companies testing integration and tools in their sandbox environment. The team conducted extensive user research with over 150 companies, collaborated with multiple providers across the region, and developed a comprehensive suite of tools.
MoneyHash users can connect to services across the revenue stack, from pay-in/pay-out providers across MEA to value-added service providers such as KYC, fraud detection, and loyalty programs, using a single connection point.
MoneyHash, in addition to the Super-API, provides customisable services for a wide range of businesses, including a unified checkout experience for e-commerce, centralized reporting for business intelligence, and micro-services such as transaction routing, subscription management, and invoicing.
