Connect Money Secures Funding For Northern African Expansion
Connect Money, an Egyptian fintech company specializing in Banking-as-a-Service (BaaS), has successfully raised a seed funding of around $8 million. The funding will be geared towards the company’s expansion efforts across North Africa, with the aim being to establish the brand as a powerhouse when it comes to seamless and integrated banking solutions for businesses.
Connect Money hopes to launch five new business verticals within the North African landscape. By leveraging the fresh injection of capital, that reality is only a matter of time.
The company will zone in on three key areas. One of which is strengthening its presence in established markets like Egypt, the home base, and Morocco. The second is to drive innovation and open new technological frontiers in the FinTech space. Lastly, it aims to accelerate its entry into new, high potential African markets.
Prominent venture capital firms like DisrupTech Ventures and Algebra Ventures, along with participation from Lorax Capital Partners, One Stop Capital, and MDP led the fundraising round.
Ayman Essawy, Co-Founder and CEO of Connect Money, said: “We are immensely proud to announce the closure of our seed funding round, a testament to the confidence and support extended by our investors Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP.”
“This significant seed investment underscores Connect Money’s exceptional growth potential…We are committed to eliminating existing pain points for businesses seeking financial enablement.” He added.
Mohamed Okasha, Managing Partner of Disruptech Ventures, stated: “We are proud to partner with Connect Money to revolutionise embedded finance in MENA. This investment demonstrates our commitment to supporting solid teams that build disruptive technologies for financial inclusion and digital transformation.”
Also, Omar Khashaba, General Partner at Algebra Ventures, commented: “Connect will allow companies to issue cards to their customers, partners, or suppliers without having to build fintech infrastructure, obtain regulatory approval, or partner with a bank
Connect Money was founded in 2024 by the trio of Ayman Essawy, Marwan Kenawy, and Momtaz Moussa. The FinTech Company offers a white-label card issuing platform. This innovative financial solution will go a long way in empowering businesses to provide debit and credit cards to their customers without the need to invest in building their own FinTech outfit or navigate complicated regulatory licensing processes.
Connect Money provides an impressive and comprehensive range of solutions which include digital payments, instant financing options, along with access to a vast network of over 20,000 marketplace partners.
In addition to these, the company provides end-to-end support, encompassing KYC verification, customer service assistance, and mobile banking app development. This unique Software-as-a-Service (SaaS) offering significantly streamlines the payment experience for both businesses and their customers. Connect Money joins a growing number of innovative fintech companies in Africa’s Banking as a Service sector (BaaS). The relatively young FinTech outfit sits alongside players like Nigeria’s Anchor, Maplerad, and Bloc.
