Egypt's MoneyHash secures investment from GitHub’s founder
Egyptian fintech startup, MoneyHash, has secured funding from Tom Preston-Werner, the founder of GitHub, as part of an upcoming seed funding round set to be officially announced soon.
Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash offers a streamlined checkout experience by leveraging a secure super-API that consolidates payment and fintech solutions into a single integration. Additionally, it provides a central dashboard that brings together technical infrastructure and centralizes data and operational reporting.
The company initially disclosed a pre-seed funding round of $3 million in February 2022 as it transitioned from its beta phase, subsequently launching its services across Africa. MoneyHash is currently in the process of finalizing a seed funding round, with Tom Preston-Werner, the co-founder and former CEO of software development company GitHub, among its investors.
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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