Egypt’s MoneyHash, a leading payment orchestration platform in the Middle East and Africa, has raised a US$4.5 million seed funding round to help it expand.
Founded in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has developed a proprietary payment orchestration platform and end-to-end payment operating system. After a successful beta launch in 2022, attracting key players in the region such as Foodics, Rain, and Tamatem, the startup launched its enterprise suite last October, targeting large enterprises.
In 2023, MoneyHash doubled its network of integrations, achieved triple revenue, and grew its processing volume by 30x. It also landed large enterprise customers shortly after its October launch.
The US$4.5 million seed round of funding was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and a group of strategic investors and operators. The funding will enable MoneyHash to further invest in its technology and expand its business growth initiatives across the region.
“We firmly believe that the full potential of digital payments in MEA is yet to be realised. MoneyHash developed a sophisticated and high-quality platform that can catalyze the growth of digital payments across the region, enabling both global and local merchants to tap into new revenue streams,” said Amir Farha, managing partner at COTU.
“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.”
Source: disruptafrica.com
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