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MoneyHash, started in 2020 by Nader Abdelrazik and Mustafa Eid, fills that gap by developing a unified payment orchestration platform focused on the MEA region. The company just raised $5.2 million in a pre-Series A funding round, making it a giant leap in its vision to simplify and optimize payment operations for enterprises across emerging markets.
Funding detail
Flourish Ventures-a global fintech investor with previous investments in companies like Chime and Flutterwave-led the round. Saudi Arabian Vision Ventures, Xelerate of Arab Bank, and Emurgo Kepple Ventures joined this round as co-investors. It’s also the first investment made by Jason Gardner-founder and former CEO of Marqeta-for his portfolio in the MEA region. Existing investors COTU, RZM Investment, and GitHub founder Tom Preston-Werner also expressed their commitment to the venture.
Read also: Karmen Secures $9.4M to Expand Revenue-Based Financing Solutions for SMEs
MoneyHash’s Value Proposition
MoneyHash is a complete payment operating system that turns the existing payment structures into high-performance engines. It is integrated with merchants’ current payment providers, and its capabilities include:
- Unified API for Pay-In and Pay-Out Operations: Unifies different types of payments in one interface for easier transactions.
- Customizable Checkout Experience: It allows businesses to customize the payment process according to their brand and customer preferences.
- Sophisticated Transaction Routing: It optimizes the payment pathways to reduce failure rates and enhance transaction success.
- Built-In Fraud Prevention: It incorporates security measures to protect against fraudulent activities.
- Comprehensive Reporting Tools: It provides insights into payment operations, which facilitates informed decision-making.
These options are further complemented by the choices of recurring payment, virtual wallets, subscription management, and payment links, thus making MoneyHash flexible for businesses in trying to automate processes in their payments.
Read also: Fundment Secures £45M to Transform Financial Advisory Services
Market Challenges and MoneyHash’s Approach
Emerging markets often have fragmented payment infrastructures, which results in high failure rates and increased fraud. MoneyHash solves these problems by providing a single platform that connects over 300 pre-integrated APIs of payment service providers across more than 100 markets. This extensive network allows businesses to manage payments efficiently, reducing operational costs and mitigating risks associated with fragmented payment systems.
Strategic Objectives Post-Funding
After injection with $5.2 million in funding, MoneyHash will now:
- Deepen Market Penetration in the MEA Region : Tailor their solutions to best answer the needs of businesses operating within these markets for strength in presence.
- Expand into More Emerging Markets: Leverage their platform’s scalability to enter into new regions faced with similar problems in payment processing.
- Improve Technological Capabilities: Invest in research and development to introduce new features and improve existing services, ensuring the platform remains at the forefront of payment orchestration technology.
Read also: Amsterdam-based fintech startup Klearly raised €6M led by Global PayTech Ventures
Investor Perspective
Ameya Upadhyay, Venture Partner at Flourish Ventures, who will join MoneyHash’s board of directors, stated, “MoneyHash has built a must-have product for enterprises that delivers better payment performance and higher margins from day one. The team’s deep payment experience and obsessive customer focus positions them to emerge as a leader across Emerging Markets, starting with MEA.”
Summary
MoneyHash, an Egyptian fintech startup specializing in payment orchestration, has raised $5.2 million in a 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 angel investor Jason Gardner, founder and former CEO of Marqeta. Existing investors COTU, RZM Investment, and GitHub founder Tom Preston-Werner also contributed. The funds will be used to deepen MoneyHash’s presence in the Middle East and Africa region and to expand into other emerging markets.
