The fintech space in Egypt and the rest of the MENA region has been described as one of the most vibrant and evolving.
According to research conducted by MAGNiTT, Egypt emerged as one of the leading hubs of entrepreneurship in the Middle East in 2020 with the highest number of investment rounds in the first half of 2020 in the region.
Egypt’s Q1 2021 Venture Investment report shows that since the beginning of 2021, a total of 10 Egyptian startups have raised about $55.3m while 4 others have obtained financing of less than $1m.
Another Egypt-based startup, MoneyHash, has raised an undisclosed amount in pre-seed funding.
The six-figures round was 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 is a fintech startup that uses a universal API and a unified checkout experience that helps businesses consolidate and grow their payments and financial tech stack across Africa and the Middle East.
Having noticed that many companies in the region and abroad are constrained in their efforts to expand due to technical and operational hassles, the founders of MoneyHash launched their API solution to help out.
“MoneyHash’s technology abstracts the complexities of this fragmented market and allows 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.
MoneyHash provides a unified checkout experience built on top of a secure Super-API that combines payment and fintech solutions through a single integration and a central dashboard consolidating technical infrastructure and centralizing data and operational reporting.
As Anisha Sekar, Co-founder and CPO of MoneyHash explained,
“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 provide insights, automation, 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”, she added.
The startup plans to use the funds to launch its services in Egypt, Saudi Arabia, and the UAE and be fully operational across the Middle East and Africa by 2022.
Image Credit: Nader Abdelrazik Anisha Sekar and Mustafa Eid, Founders, MoneyHash
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