Egyptian-Founded Fintech MoneyHash Secures $5.2 Million Pre-Series A
The US-based fintech looks to enhance its payment orchestration services and expand its MEA market reach.
MoneyHash, an Egyptian-founded and US-based fintech startup offering payment orchestration services, has announced the closure of its $5.2 million pre-Series A funding round. The round was led by Flourish Ventures and included participation from Vision Ventures, Arab Bank's Xelerate, Emurgo Kepple Ventures, and investors such as Jason Gardner, founder and former CEO of Marqeta. Existing investors COTU, RZM Investment, and GitHub founder Tom Preston-Werner also contributed.
Launched in 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash provides businesses with an all-in-one payment operating system, addressing the challenges of fragmented payment landscapes in emerging markets. The platform integrates over 300 APIs from payment service providers, such as Checkout, Stripe and Ayden, streamlining operations and reducing costs for enterprise merchants.
"In emerging markets, payment infrastructure remains significantly underdeveloped, with failure rates three times the global average and fraud rates and cart abandonment over 20% higher than developed markets,” says Nader Abdelrazik, co-founder and CEO of MoneyHash. “Drawing from our extensive experience in MEA, one of the most challenging regions globally, we've seen firsthand how these issues transform payments from a growth enabler into a cost and risk centre."
The new funding will help MoneyHash expand across the Middle East and Africa region. Based in New York with a team in nine countries, the company aims to build on its $4.5 million seed round from 2024 by improving its technology, streamlining operations and exploring new markets.
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