US-based Egyptian fintech MoneyHash has raised a $4.5 million Seed funding round, co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund (DFDF), VentureFriends, and angel investors.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash is a payment platform that offers a comprehensive payment operating system as a service to address the various technological and product challenges faced by enterprise merchants.
Amir Farha, Managing Partner at COTU, stated, “We firmly believe that the full potential of digital payments in MEA is yet to be realized. MoneyHash has 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.
We are thrilled to renew our support for 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.”
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 centralised transaction reporting hub. This is complemented by tools enabling various use cases, such as virtual wallets, subscription management, and payment links.
MoneyHash products promise a 10-20% increase in revenue generation and a 90% decrease in development costs.
After a successful BETA launch in 2022, which attracted key players in the region such as Foodics, Rain, and Tamatem, MoneyHash 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.
Asher Siddiqui, General Partner at Sukna Ventures, expressed, “In the rapid digital transformation of the region, part of Sukna’s fundamental thesis is to back exceptional teams that are pioneering transformative infrastructures in specialized sectors.
The team at MoneyHash embodies this vision, consisting of skilled payment operators who have leveraged their expertise to establish a competitive edge, prioritizing engineering precision above all else. Their product, refined with precision and supported by a stellar team, is exceptionally well-positioned to lead the market and define the future of digital payments in the region.”
This round marks the first Middle Eastern investment by Tom Preston-Werner, GitHub’s founder and early Stripe investor, highlighting his belief in MoneyHash’s product quality and its ability to solve critical customer issues. MoneyHash announced his participation in an earlier press release.
MoneyHash, previously raised a $3 million pre-seed round in 2021. The new funds will primarily be used to expand the business team and growth capabilities while maintaining technological progress.
This funding will enable MoneyHash to further invest in its technology and expand its business growth initiatives across the region.
This investment illustrates the market’s confidence in MoneyHash and its potential for continued growth and market leadership