Tuesday April 23rd, 2024
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Egyptian Fintech Startup MoneyHash Raises $4.5M in Seed Funding

This latest round of funding follows a $3 million pre-seed round in 2022 for the online payment orchestration company.

Patrick Davies

US-based Egyptian fintech startup MoneyHash, a leading payment orchestration platform in the Middle East and Africa (MEA), has raised $4.5 million in a seed funding round, co-led by COTU Ventures and Sukna Ventures.

Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, the company offers end-to-end payment services that seek to supplement the various technological challenges faced by enterprise merchants across the region.

"COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped,” Nader Abdelrazik, Co-founder and CEO of MoneyHash, tells StartupScene. "However, the opportunity is enormous. MEA's trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade.”

This latest round of investment follows MoneyHash’s $3 million pre-seed round in 2022, showing continued market confidence in the company’s streamlined proprietary payment orchestration platform, despite a significant slowdown in general market activity.

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