MoneyHash, an Egyptian Fintech startup secures $5.4 million seed to help facilitate payments in Africa. COTU Ventures and Sukna Venture both led the said round, as well as other investment outfits such as RZM Investment, Dubai Future District Fund, VentureFriends, as well as individuals such as Tom Preston-Werner, the founder of GitHub and Stripe investor, among many other strategic investors and operators all took part.
MoneyHash Secures $5.4 Million Seed
Established in 2020 by Nader Abdelrazik (CEO), Mustafa Eid (CTO), and Anisha Sekar (former CPO), MoneyHash stands as a payment orchestration platform dedicated to simplifying payment processes for merchants across the MEA region through its unified payment APIs.
Merchants and businesses often grapple with the complexity of working with multiple payment providers to ensure the seamless operation of their platforms. This entails various challenges, including technical intricacies, operational inefficiencies, and delays. Moreover, within the MEA region, endemic obstacles such as currency disparities, diverse payment methods, and geopolitical isolation further compound these issues.
MoneyHash Addresses These Challenges by Offering a Unified API
MoneyHash addresses these challenges by offering a unified API that enables merchants and companies to integrate pay-in and pay-out rails, customize their checkout processes, leverage transaction routing capabilities, and access a comprehensive transaction reporting center. Additionally, the platform provides tools for virtual wallets, subscription management, and payment links.
Abdelrazik underscores that 10% of all payments processed in the MEA region are digital, underscoring MoneyHash’s strategic positioning to capitalize on the imminent digitalization of mass payments. To effectively navigate the nascent payment landscape in the region, MoneyHash acknowledges the importance of patience, consistency, and a commitment to continuous learning.
MoneyHash’s Progress with Merchants over the Past Year
Reflecting on MoneyHash’s progress with merchants over the past year, Abdelrazik highlights the value that businesses place on the platform’s extensive network of integrations, which not only ensures broad coverage but also offers specialized expertise.
Abdelrazik when commenting on the progress of MoneyHash with merchants in the previous year said, “Businesses appreciate the large network of integration we have not just for coverage but for expertise.”
“When they know that we executed all these integrations in-house, they appreciate the team’s expertise and depth of knowledge and leverage our team to navigate difficult questions in payments. They know that working with us makes them future-proof.”
MoneyHash Currently Serves 50 Active Paying Customers on Its Platform
According to the fintech, it currently serves 50 active paying customers on its platform, with no free tier offer available. The Software as a Service (SaaS) fees and transaction charges begin at $500 plus 0.4%. Abdelrazik elaborated that as the size of the enterprise grows, the SaaS fees increase while the transaction fees decrease, attributing this variation to volume.
Discussing the investment, Amir Farha, Founder and General Partner at COTU Ventures, voiced his confidence in MoneyHash’s platform’s ability to unlock the complete potential of digital payments within the region.
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