Egyptian Fintech MoneyHash Raises Six-Figure Funding to Develop API

Cairo-based fintech startup, MoneyHash, has closed a pre-seed investment round with participation from African early-stage venture capital (VC) firms including Ventures Platform, Kepple Africa Ventures, and some angel investors. The amount of investments secured was undisclosed, but the company plans to use the funds to further develop its technology, launch its services, and expand its team.

Founded in late-2020, Nader Abdelrazik, Mustafa Eid, and Anisha Sekar created MoneyHash to build a super application programming interface (API)--which is essentially a software intermediary that allows two different applications to communicate with each other--for payments that aggregates fintech solutions. The service allows merchants on the platform to provide a unified checkout experience for their customers.

Co-Founder and CPO of MoneyHash, Anisha Sekar, said: “We are crafting a comprehensive revenue solution built for flexibility and scaling. With a unified checkout experience powered by a single API integration, businesses throughout MEA [Middle East and Africa] can instantly access the providers and products they need to grow.”

She elaborated by saying “we increase speed to market and save weeks of effort upfront, and with a complete view of the revenue stack, we provide insights, automations, and smart routing to save time and money in the long term. Our mission is to build an efficient, secure, comprehensive solution that helps–rather than hinders–growing businesses.”

The startup is currently running a testing round of its service in private beta form, with plans to soon go live with the app in Egypt, Saudi Arabia, and the UAE. Eventually, MoneyHash wants to build up its services across multiple other MENA markets towards the end of 2022.