MoneyHash, an Egyptian Fintech company has secured $4.5 million in seed funding to address payment challenges in Africa and the Middle East.
The seed round was Co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, Tom Preston-Werner, GitHub’s founder and early Stripe investor, and a group of strategic investors and operators.
Despite the significant slowdown in market activity, this investment illustrates the market’s confidence in MoneyHash and its potential for continued growth and market leadership.
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Speaking on the investment, Amir Farha, general partner at COTU, said his firm believes that the full potential of digital payments in MEA is yet to be realized and MoneyHash’s platform can catalyze the growth of digital payments across the region, enabling both global and local merchants to tap into new revenue streams.
“We are thrilled to renew our support to a team that has consistently demonstrated superior execution, not just in securing top mid-market and enterprise customers, but also in expanding value across the entire chain, even under challenging market conditions,” he added.
It is understood that the payment landscape in the Middle East and Africa (MEA) region is marked by significant fragmentation, with numerous payment providers and methods in each country, evolving regulations, and diverse customer preferences.
This complexity is further compounded by, challenges such as payment fraud, low checkout conversion rates, and high transaction failure rates.
In a bid to address the challenges in the MEA region, MoneyHash is set to offer remarkable payment features to enable seamless transfer of funds. The startup offers a checkout experience powered by its API.
This solution combines payment and fintech tools through a single integration point. Businesses onboarded on the platform benefit from a centralized dashboard that simplifies their technical infrastructure, consolidates data, and streamlines operational reporting.
MoneyHash’s product includes a unified API to integrate pay-in and pay-out rails, a fully customizable checkout experience, transaction routing capabilities with fraud and failure rate optimizers, and a centralized transaction reporting hub. This is complemented by tools enabling various use cases such as virtual wallets, subscription management, and payment links.
According to Elena Panchenko, the chief product officer at MoneyHash, he said,
“An integrated set of solutions is essential for enterprise merchants to address challenges comprehensively and explore opportunities freely. The infrastructure is powered by over 200 pre-integrated APIs with payment service providers and payment methods across 80+ markets. This not only offers merchants maximum flexibility and coverage but also helps us gain the trust of our customers, knowing that all scenarios and implementations fall within our expertise.”
Established in 2021 by Nader Abdeomlrazik and Mustafa Eid, MoneyHash strives to simplify the process of building and maintaining payment functionalities by providing an agnostic cloud that aggregates all payment APIs, features, and technical capabilities.
The startup goal is to make financial infrastructure efficient and scalable, empowering businesses worldwide to focus on what they do best.