MoneyHash, an Egyptian startup, has received $4.5 million to improve payment technology in Africa and the Middle East.
The funding aims to enhance MoneyHash’s payment technology and promote growth in Africa and the Middle East (MEA).
This fund was led by COTU Ventures and Sukna Venture. Other investors included RZM Investment, Dubai Future District Fund, VentureFriends, and individual investors such as Tom Preston-Werner.
They were joined by other strategic investors and operators in supporting MoneyHash’s growth and development.
The startup was established in 2021 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar.
Its aim is to simplify payment processes for businesses in Africa and the Middle East. This is through handling payments using one system instead of many.
MoneyHash also aims to help businesses with its unified-API system. It lets them manage funds, customize checkouts, and track transactions easily.
They also offer tools like virtual wallets and subscription management.
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MoneyHash’s Journey in Digital Payments
In his remarks, CEO of MoneyHash, Nader Abdelrazik stated that MoneyHash has a big opportunity as only 10% of payments are digital in the MEA region.
He added that this puts MoneyHash in a unique position to take advantage of the upcoming wave of digital payment adoption
“The opportunity is enormous. MEA’s trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade.
“Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in,” he stated.
While commenting on MoneyHash’s progress with merchants over the past year, Abdelrazik commented,
“Businesses appreciate our wide network of integration not just for coverage, but also for expertise.
“When they realize that we performed all these integrations internally, they value our team’s depth of knowledge and expertise.
“We guide them through complex questions about payments, ensuring they are prepared for the future.”
MoneyHash says it has 50 active paying customers and doesn’t offer a free option. They charge $500 for their Software as a Service (SaaS) and 0.4% for transactions.
The prices change based on how big the business is. Larger businesses pay more for SaaS but less for transactions because they handle more volume.
Amir Farha from COTU Ventures stated that he believes in MoneyHash’s potential to make digital payments better in the region.
MoneyHash is based in New York and has a team of 30 people in nine countries. They focus mainly on Egypt but also work with companies like Fawry, Paymob, and PayTabs. Recently, they started serving clients in Nigeria, Kenya, and South Africa.