Egypt's Connect Money gets $8m to enable businesses issue cards
TLDR
- Connect Money secures $8 million seed funding led by Disruptech Ventures and Algebra Ventures for expanding business verticals in North African markets.
- Connect Money offers white-label card issuing platform for businesses to provide debit and credit cards without building fintech infrastructure or regulatory licensing.
- Embedded finance package includes digital payments, instant financing, and access to a network of 20,000+ marketplace partners with support services for card issuance, distribution, KYC, customer support, and mobile banking app development.
Egyptian Banking-as-a-Service startup Connect Money has closed an $8 million seed funding round led by Disruptech Ventures and Algebra Ventures to launch five new business verticals in North African markets.
Connect Money offers a white-label card issuing platform that enables businesses to provide their customers with debit and credit cards without the need to develop fintech infrastructure or obtain regulatory licensing.
The embedded finance package encompasses digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Support services include white-labeled card issuance, distribution, KYC, customer support, and mobile banking app development.
Key Takeaways
Banking-as-a-service (BaaS) platforms are instrumental in expanding access to digital financial services by enabling non-bank businesses to integrate fintech capabilities without building their own tech infrastructure or navigating the complex regulatory approval processes. Many businesses are leveraging these platforms to offer financial services such as card payments and lending more efficiently. Globally, businesses are projected to continue utilizing BaaS platforms over the next decade to launch new financial services, enhance revenues, and improve customer experience and retention. This trend is expected to drive the BaaS market value to $22.6 billion by 2032, sustained by a 19.3% compound annual growth rate (CAGR). As BaaS becomes more ubiquitous, Egyptian fintech Connect Money aims to capitalize on its popularity to explore emerging business opportunities in African markets.
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