MoneyHash, an Egyptian fintech startup that uses a universal API and a unified checkout experience to help businesses consolidate and grow their payments and financial tech stack across Africa and the Middle East, closes a six-figure pre-seed round to launch its services across the region.
The funding round was led by UAE’s venture capital firm COTU Ventures, with participation from the Ventures Platform, Kepple Africa Ventures, and angel investors.
Founded in late 2020, MoneyHash provides a unified checkout experience built on top of a secure super-API that aggregates payment and fintech solutions through a single integration and a central dashboard consolidating technical infrastructure and centralizing data and operational reporting.
MoneyHash was launched by its three co-founders Nader Abdelrazik ,Mustafa Eid and Anisha Sekar combined ,they have 30 years of experience and have worked for 11 startups ,in addition to a portfolio of employers and education such as Microsoft,UpWork,NerdWallet ,UC Berkeley ,SigFig and Brown University.
In April, the startup raised a pre-seed funding round ahead of a full launch across the MEA region. MoneyHash is currently in a private beta with plans to go live soon in Egypt, Saudi Arabia and UAE, while it aims to be fully operational across various countries in Africa and the Middle East by 2022.
MEA is one of the fastest growing emerging markets with a rapidly evolving payment and fintech scene. As many companies in the region and abroad plan their expansion across the region, they are faced with a devastating technical and operational hassle: building a separate connection with each service provider while providing a unified experience for their customers. This results in a complicated tech stack wasting valuable resources with increased vulnerabilities to errors, fraud, and technical debt. Money Hash’s technology abstracts the complexities of this fragmented market and allows businesses to scale and grow with a complete focus on their product, and without compromising security and efficiency.
