Money Hash Nets $3M To Launch Mideast & Africa’s First Super-API For Payment Operations
The US-based Egyptian Fintech Startup MoneyHash has raised $3M in Pre-SEED funding to initiate its services across the Middle East and Africa.
By the end of this year, the Fintech market size is forecasted to reach $310 billion. The reason behind this expediated increase is the easy, fast, and cost-effective payment solutions provided by this industry. These innovative solutions have “banked the unbanked” by making financial services more accessible for the people. Yet, 1.7 billion adults still remain unbanked around the globe.
However, the fintech startups are playing their huge part to make financial services more attainable for companies, startups, and individuals. This is one of the main reasons the investors are steering their investment towards Fintech startups. As recently, the US-based startup MoneyHash has raised $3M in Pre-SEED funding to kick off its journey of empowering people in terms of payment orchestration and revenue operation.
The funding round was an ensemble of robust investors like MENA fintech fund VentureSouq, European fund VentureFriends, and UAE’s venture capital firm COTU Ventures. Furthermore, the event also witnessed the participation of Nuwa Capital, First Check Ventures, Fox Ventures, Loftyinc Capital Management, Kepple Africa Ventures, Ventures Platform, The Continent Venture Partners, along with the consortium of global and regional investors.
The Fintech Startup MoneyHash offers a wide array of services. Like at one connection point, the users can connect with services across the stack like pay-in /pay-out providers across MEA to value-added service providers such as KYC.
Moreover, with the integration of Super API, the startup offers a variety of customizable services for different businesses like e-commerce, subscription management, invoicing, centralized business reporting for business intelligence. Companies can also efficiently construct their payment stack in accordance with their needs.
Founded in 2020 by Mustafa Eid, Nader Abdelrazik, and Anisha Sekar, the company remained in beta version since early 2021. The 17 companies have utilized their sandbox to test integration and tools.
For now, MoneyHash charges $150 to $1000 monthly. The platform also charges a transaction fee that starts at 10 cents. No doubt, due to low charges and abundance of services the MoneyHash has become popular in such a short period of time.
MoneyHash is not the first startup in 2022 to receive funding. As recently a fintech startup Zwaya promoting financial services for Gen Zs gathered pre-seed funding of $1M. Similarly, another startup Sanad Cash helping the enterprises in regards to on-demand pay and expense management in the Middle East received funding of $1.6M.