Egypt's MoneyHash gets $4.5m to facilitate payments in Africa
TLDR
- Egyptian fintech startup MoneyHash raises $4.5 million in seed funding for payment technology expansion in Middle East and Africa.
- Funding led by COTU Ventures and Sukna Venture, with participation from RZM Investment, Dubai Future District Fund, and notable individuals like Tom Preston-Werner.
- MoneyHash, founded in 2020, simplifies payment processes for merchants in MEA region with its payment orchestration platform.
MoneyHash, an Egyptian fintech startup, has secured $4.5 million in seed funding to enhance its payment technology and drive expansion across the Middle East and Africa (MEA) region. Leading the round are COTU Ventures and Sukna Venture.
The round also saw participation from other investment firms including RZM Investment, Dubai Future District Fund, VentureFriends, as well as notable individuals like Tom Preston-Werner, founder of GitHub and investor in Stripe, along with other strategic investors and operators.
This latest funding round comes two years after MoneyHash raised $3.5 million in pre-seed funding, with COTU Ventures also taking the lead in that round. Founded in 2020 by Nader Abdelrazik (CEO), Mustafa Eid (CTO), and Anisha Sekar (former CPO), MoneyHash operates as a payment orchestration platform, simplifying payment processes for merchants in the MEA region through its unified payment APIs.
Key Takeaways
The Egyptian market stands out as one of the most promising in the region, poised for substantial growth in the fintech industry in the coming years. This growth can be attributed to a confluence of factors, including the concerted efforts of the government, the Central Bank of Egypt, and the private sector. Tangible outcomes are evident in the increasing prevalence of digital payments and e-commerce as the new norm. A clear indicator of this transformation is the remarkable rise in the volume of electronic transactions within the Egyptian market. In 2022, these transactions surged to more than EGP 6.4 trillion, from EGP 4.2 trillion in 2020. Yet, despite this progress, a substantial portion of financial transactions in Egypt continues to be conducted in cash, indicating that the digital payment chain is not yet fully established. The growing demand for convenient and instantaneous e-payment solutions underscores the existence of numerous untapped opportunities within the fintech sector.
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