- US-headquartered Egyptian fintech MoneyHash, has secured new funding from Tom Preston-Werner, co-founder of GitHub, as part of an undisclosed seed financing round.
- Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash allows companies to build a payment stack that fits their needs.
- The investment marks Preston-Werner’s first investment in the Middle East and his second in the African market.
- In February 2022, MoneyHash raised $3 million pre-Seed funding, led by UAE venture capital firm COTU Ventures among others.
Africa and the Middle East’s fully integrated suite of payment products and the first payment orchestration platform in the region, MoneyHash, has secured new funding from Tom Preston-Werner, co-founder of GitHub and former CEO. This marks Tom's first investment in the Middle East and his second in the African market. Tom’s participation is part of an undisclosed seed financing, set to close in the coming weeks.
For those unfamiliar with Tom’s background, his insights and contributions have had a profound impact on the technology ecosystem. And as a founder of Github, the world’s leading software platform, Tom played a pivotal role in revolutionizing the way developers collaborate to build applications. Now, Tom uses his background in building cutting-edge technologies to actively support and guide early-stage startups to create solutions that address real-world challenges.
As an early investor in Stripe, one of his key investment theses is tech infrastructure products, especially tooling and development environments. His investment in MoneyHash emphasizes his conviction in product quality and its ability to address a critical pain point for customers across emerging markets.
“I was quite impressed with the technical quality and product vision of MoneyHash, and the founder's deep understanding of the payment landscape in Africa and the Middle East. This region is growing exponentially, and it is quite intuitive to bid on infrastructure products built by quality teams. Nader and his team attracted a fantastic group of tech talent, and I am excited to join their journey” he says.
As now an investor in MoneyHash, Tom brings his technical strengths and mindset to fuel the company's product development.
“When we met with Tom, Mustafa and I were just big fans who wanted to get some feedback and guidance from an entrepreneur we admire. It was very surprising and exciting to know his interest in investing in us and being an active partner in our journey. His positive feedback on the quality of our tech and the product-driven approach is a great testament to the team and their efforts over the last couple of years.”
MoneyHash addresses a pressing need in the region, over 30% of digital payments fail. The region’s fragmented and complex payment ecosystem is quite costly to merchants across the region. The potential for improvement is immense, considering the projected growth of the digital payments market in the region, which is projected to hit $150B+ end of this year.
Their full suite of fully integrated products enables businesses to integrate multiple payment processors and methods, optimize payment flows and recurring revenue, reduce fraud and payment failures, streamline reconciliation processes, and handle various payment needs efficiently. Their mission is to empower medium to large businesses in emerging markets by simplifying the complexity of payment infrastructure, flows, and operations, giving them an unfair advantage to grow and expand their customer base.