US-headquartered Egyptian fintech MoneyHash, has secured new funding from Tom Preston-Werner, co-founder of GitHub, as part of an undisclosed seed financing round.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash allows companies to build a payment stack that fits their needs.
“When we met with Tom, Mustafa and I were just big fans who wanted to get some feedback and guidance from an entrepreneur we admire. It was very surprising and exciting to know his interest in investing in us and being an active partner in our journey. His positive feedback on the quality of our tech and the product-driven approach is a great testament to the team and their efforts over the last couple of years.”
The investment marks Preston-Werner’s first investment in the Middle East and his second in the African market.
MoneyHash addresses a pressing need in the region, over 30% of digital payments fail. The region’s fragmented and complex payment ecosystem is quite costly to merchants across the region. The potential for improvement is immense, considering the projected growth of the digital payments market in the region, which is projected to hit $150B+ end of this year.
Their full suite of fully integrated products enables businesses to integrate multiple payment processors and methods, optimize payment flows and recurring revenue, reduce fraud and payment failures, streamline reconciliation processes, and handle various payment needs efficiently.
Their mission is to empower medium to large businesses in emerging markets by simplifying the complexity of payment infrastructure, flows, and operations, giving them an unfair advantage to grow and expand their customer base.
In February 2022, MoneyHash raised $3 million pre-Seed funding, led by UAE venture capital firm COTU Ventures among others.