Egypt and US-based fintech MoneyHash has raised an undisclosed amount (six-figures) in a pre-Seed round led by COTU Ventures with participation from Ventures Platform, Kepple Africa Ventures, and other angel investors.
Founded in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash offers businesses a unified payment solution with a secure universal API.
The startup plans to be fully operational in 2022 across the Middle East and Africa after using the funds to launch its services in Egypt, Saudi Arabia, and the UAE.
MoneyHash, an Egyptian US-based fintech startup that uses a universal API and a unified checkout experience to help businesses consolidate and grow their payments and financial tech stack across Africa and the Middle East, closes a six-figure pre-seed round to launch its services across the region. The round was led by UAE’s venture capital firm COTU Ventures, with participation from the Ventures Platform, Kepple Africa Ventures, and angel investors.
MoneyHash was founded in late 2020 by its three co-founders: Nader Abdelrazik, Mustafa Eid, and Anisha Sekar. Combined, they have over 30 years of experience and have worked for 11 startups, in addition to a portfolio of employers and education such as Microsoft, UpWork, NerdWallet, UC Berkeley, SigFig, and Brown University.
“MEA is one of the fastest growing emerging markets with a rapidly evolving payment and fintech scene. As many companies in the region and abroad plan their expansion across the region, they are faced with a devastating technical and operational hassle: building a separate connection with each service provider while providing a unified experience for their customers. This results in a complicated tech stack wasting valuable resources with increased vulnerabilities to errors, fraud, and technical debt. MoneyHash's technology abstracts the complexities of this fragmented market and allow businesses to scale and grow with a complete focus on their product, and without compromising security and efficiency," said Nader Abdelrazik, co-founder and CEO of MoneyHash.
The startup provides a unified checkout experience built on top of a secure Super-API that aggregates payment and fintech solutions through a single integration and a central dashboard consolidating technical infrastructure and centralizing data and operational reporting.
"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 can instantly access the providers and products they need to grow. 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." said Anisha Sekar, co-founder and CPO of MoneyHash.
MoneyHash is currently in a private beta with plans to go live soon in Egypt, Saudi Arabia, and UAE. The startup aims to be fully operational across various countries in Africa and the Middle East by 2022.
"It's rare to find such a well-rounded and complete team with deep domain experience and technical prowess so early in a company's life. We're very excited to back Nader, Anisha and Mustafa, as they look to tackle a problem that suits a fragmented region like the Middle East. The clarity with which they articulated their vision and strategy, and the chemistry we felt from the start, convinced us to support them in kick starting their plans to build a payments super API for the region and beyond. We are grateful they chose us as partners and are looking forward to what's ahead." said Amir Farha, Managing Partner of COTU Ventures.
Kola Aina, founding partner at Ventures Platform said: "We are excited to back the MoneyHash team. The team's vision is compelling, and the product enables companies to scale their products and services across Africa and the Middle east with minimal friction. They are essentially powering the growth and expansion of startups and enterprise across the region."