MoneyHash, an Egyptian fintech startup, has raised $3 million in pre-seed funding.
The pre-seed round was led by UAE’s venture capital firm COTU Ventures, and the participation of MENA fintech fund VentureSouq and European fund VentureFriends. Other participating funds include Nuwa Capital, The Continent Venture Partners, First Check Africa, Fox Ventures, Kepple Africa Ventures and Lofty Capital Inc.
A global group of angel investors also participated in the round, including NerdWallet’s Tim Chen and Jake Gibson, Belvo’s Oriol Tintore, and regional operators such as Jad Antoun (Huspy), Feras Jalbout (Baraka), and Hussein Elkheshen (Sakneen).
This round is an extension to an undisclosed six-figure raise announced in 2021, which was also led by COTU Ventures with the participation of Venture Platform (Nigeria) and repeat investors Kepple Africa Ventures and Lofty Capital Inc.
MoneyHash will use the funds to grow its team and extend the capabilities of the Super-API to serve businesses across MEA with a simple, comprehensive payment solution.
MoneyHash provides access to payment and fintech services across the Middle East & Africa with one simple integration. It was founded by Anisha Sekar, Mustafa Eid, and Nader Abdelrazik and has been in beta phase since 2021 with 17 companies using their sandbox environment to test integration and tools. The team has conducted extensive user research with over 150 companies, engaged multiple providers across the region, and built a comprehensive suite of tools.
“Middle East & Africa is highly fragmented due to the lack of economic integration between countries in MEA, which means that the countries’ payment methods, currencies, and regulations operate in isolation. By building a custom infrastructure with a single integration and a central dashboard, we provide a platform for companies to grow and address this complexity without depleting their resources”, Nader Abdelrazik, co-founder and CEO.
Amir Farha, the founder of COTU Ventures, has been a champion of MoneyHash’s team. He explained that “MoneyHash is led by three remarkable founders with deep knowledge of payments and acumen for product-led execution. They are attracting a great team of talent, and after their impressive beta run, their product is ready for prime time. We are excited to be part of their journey.”
