MoneyHash, an Egypt and US-based fintech startup that offers financial solutions for businesses, has raised $3M in its pre-seed extension.
The round was led by COTU Ventures with participation from VentureSouq, VentureFriends, Kepple Africa Ventures, LoftyInc Capital Management, Nuwa Capital, TCVP, FirstCheck Africa, and Fox Ventures. With the addition of many private venture capital firm investors.
Speaking on the raise, CEO and co-founder of MoneyHash, Nader Abdelrazik says, “It has been a fantastic journey of testing and building, and now we are extremely excited to give businesses superpowers. With a single integration, companies can connect with any payment provider across the region, and build all tools they need to create a unique and custom payment stack.”
Also, Amirr Farha, founder of COTU Ventures, in a statement said, “MoneyHash is led by three remarkable founders with deep knowledge of payments and acumen for product-led execution.
They are attracting a great team of talent, and after their impressive beta run, their product is ready for prime time. We are excited to be part of their journey.”
With a mission of building an easy super-API (Application programme interface), MoneyHash has emerged out of beta and launched its MEA’s first super-API for payment operations.
The company is providing businesses with an integrated and unified payment channel that would give their customers a seamless buying experience.
MoneyHash provides diverse pay-in, pay-out channels including: Card, Cash, Wallet, Crypto, Direct Bank, Transfer, BNPL and more.
It allows for universal, unified checkout, optimization & routing. It also helps businesses control payments from one stack by creating the fastest way to integrate the network of pay-in, pay-out, and value-added providers.
Furthermore, MoneyHash plans to use its new funds to expand its presence in the Middle East and Africa. The company also plans to expand its team across the U.S., Egypt, the UAE, Nigeria and Europe.
MoneyHash wants to become the Amazon Web Services (AWS) of payments in the Middle East and Africa.
(Wholly reported by Ajifa Treasure Solomon)