Mustafa Eid (CTO) – Elena Panchenko (CPO) – Nader Abdelrazik CEO); Source: MoneyHash
MoneyHash has raised $5.2 million in a pre-Series A funding round. The funding round saw participation from Flourish Ventures, alongside Saudi’s Vision Ventures, Xelerate Fund, Emurgo Kepple Ventures, and existing investors like COTU, RZM Investments, and Tom-Preston Werner. Angel investor who was founder and former Marqeta, Jason Gardner also joined the fray.
This latest funding comes off the back of the company’s $4.5 million seed round in February, 2024. The Egyptian fintech aims to channel the funding to refine its technology, expand its market tech, and enhance its platform with additional integrations.
Africa’s financial landscape grapples with an host of problems that obstruct seamless customer transactions and business operations. To combat this issue, Nader Abdelrazik and Mustafa Eid launched MoneyHash in 2021 to solve challenges of fragmented payments problems for merchants in the MENA region. Large-scale merchants, particularly those operating across borders, are faced with the problem of managing multiple payment methods and providers. MoneyHash bridges this gap with its platform that integrates various payment platforms.
MoneyHash’s CEO and co-founder, Nader Abdelrazik, provided insight into their strategic vision. “Our platform not only tackles the existing inefficiencies but also equips merchants with the tools needed to transform payments into a strategic business advantage,” he said.
Moreover, MoneyHash seeks to unify fragmented payment systems across Africa. The startup, along with other identical ones, are tackling the inefficiencies that come with fragmentation by integrating multiple payment gateways, enabling businesses to accept a wider range of payment methods without having to deal with the complexities involve in various systems.
Other notable African fintechs have adopted this approach. Nigerian fintech FairMoney’s acquisition of PayForce aimed to consolidate payment services for both consumers and merchants, further illustrating the value of unified systems in driving growth. In December 2024, Juicyway, an African fintech leveraging stablecoin technology for cross-border payments, got into the limelight after processing $1.3 billion in transactions and securing $3 million in pre-seed funding.
MoneyHash’s milestone funding comes amid rising investment in African fintech startups, which have proven to be trailblazers in venture capital funding on the continent. The fintech sector accounts for eight of Africa’s unicorns ( a name given to startups valued at $1 billion or more). However, the funding landscape has its own share of challenges, as investors seem to become cautious during challenging economic periods.
