Moneyhash Raises $3m Pre-Seed As It Emerges From Beta
The Egyptian fintech startup uses a universal API and a unified checkout experience to help businesses consolidate and grow their payments and financial tech stack.
MoneyHash has announced a US$3 million pre-seed funding round as it emerges from beta to launch across the Middle East and Africa.
MoneyHash provides a unified checkout experience built on top of a secure super-API that aggregates payment and fintech solutions through a single integration, as well as a central dashboard consolidating technical infrastructure and centralising data and operational reporting.
The startup has now announced a US$3 million extension to that round, which will power its ambitious plan to become the “AWS of payments”. MoneyHash will use the funds to grow its team and extend the capabilities of its product.
The round was led by UAE-based venture capital firm COTU Ventures, with the participation of MENA fintech fund VentureSouq and European fund VentureFriends. Other participating funds include Nuwa Capital, The Continent Venture Partners, First Check Africa, Fox Ventures, Kepple Africa Ventures and LoftyInc Capital Management.
Mustafa Eid, co-founder and CTO at MoneyHash said: “Each expansion can take an in-house tech team 3-10 weeks, not to mention the ongoing demands of reporting reconciliation, operational inefficiencies, and technical vulnerabilities and that’s a challenge we are passionate to solve.”
Nader Abdelrazik, co-founder and CEO said: “When it comes to emerging markets, and particularly the Middle East and Africa, these challenges are magnified. The region is highly fragmented due to the lack of economic integration between countries in MEA, which means that the countries’ payment methods, currencies, and regulations operate in isolation. By building a custom infrastructure with a single integration and a central dashboard, we provide a platform for companies to grow and address this complexity without depleting their resources.”
With one connection point, MoneyHash users can connect with services across the revenue stack, from pay-in/pay-out providers across MEA to value-added service providers such as KYC, fraud detection, and loyalty programmes.
In addition to the Super-API, MoneyHash offers customisable services for a variety of businesses – a unified checkout experience for e-commerce, centralised reporting for business intelligence, and micro-services such as transaction routing, subscription management, and invoicing.