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MoneyHash gets $4.5M to fix payment failures in Africa & Middle East

Egyptian fintech startup, MoneyHash, secured $4.5 million in seed funding to bolster its payment orchestration platform across Africa and the Middle East.

MoneyHash gets $4.5M to fix payment failures in Africa & Middle East
L-R: Mustafa Eid (Co-founder & CTO), Elena Panchenko (CPO - Middle) and Nader Abdelrazik (co-founder & CEO)

"COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped. In the Middle East and Africa (MEA), payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20% higher than in all other regions. This places merchants in a challenging position, viewing payments as a cost and risk centre rather than a strategic enabler," says Nader Abdelrazik, co-founder and CEO of MoneyHash.

Abdelrazik adds, "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."

MoneyHash was launched in early 2021 by Nader Abdelrazik and Mustafa Eid, two Egyptian technologists with extensive backgrounds in fintech and enterprise software. After a successful BETA launch in 2022 attracting key players in the region such as Foodics, Rain, and Tamatem, MoneyHash launched its enterprise suite last October targeting large enterprises.

The startup offers a checkout experience powered by its API. This solution combines payment and fintech tools through a single integration point. Businesses onboarded on the platform benefit from a centralised dashboard that simplifies their technical infrastructure, consolidates data, and streamlines operational reporting.

According to Elena Panchenko, the chief product officer at MoneyHash, "An integrated set of solutions is essential for enterprise merchants to address challenges comprehensively and explore opportunities freely. The infrastructure is powered by over 200 pre-integrated APIs with payment service providers and payment methods across 80+ markets. This not only offers merchants maximum flexibility and coverage but also helps us gain the trust of our customers, knowing that all scenarios and implementations fall within our expertise."

MoneyHash has secured $4.5 million in seed funding to further strengthen its payment orchestration platform. The round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and other strategic investors and industry leaders.

This funding will primarily be used to expand the business team and growth capabilities while maintaining technological progress.

Asher Siddiqui, General Partner at Sukna Ventures, said, "In the rapid digital transformation of the region, part of Sukna’s fundamental thesis is to back exceptional teams that are pioneering transformative infrastructures in specialised sectors. The team at MoneyHash embodies this vision, consisting of skilled payment operators who have leveraged their expertise to establish a competitive edge, prioritising engineering precision above all else. Their product, refined with precision and supported by a stellar team, is exceptionally well-positioned to lead the market and define the future of digital payments in the region."

The Egyptian fintech, MoneyHash, is headquartered in New York with a team of 30 spread across nine countries. While Egypt remains their primary market, serving established players like Fawry, Paymob, and PayTabs, MoneyHash recently expanded into Sub-Saharan Africa, now catering to clients in Nigeria, Kenya, and South Africa.

The Egyptian fintech previously raised a $3 million pre-seed round in 2021.

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