US-headquartered Egyptian fintech MoneyHash, has secured new funding from Tom Preston-Werner, co-founder of GitHub, as a part of an undisclosed seed financing spherical.
Based in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash permits corporations to construct a cost stack that matches their wants.
“After we met with Tom, Mustafa and I had been simply huge followers who wished to get some suggestions and steering from an entrepreneur we admire. It was very shocking and thrilling to know his curiosity in investing in us and being an lively accomplice in our journey. His constructive suggestions on the standard of our tech and the product-driven method is a superb testomony to the staff and their efforts during the last couple of years.”
The funding marks Preston-Werner’s first funding within the Center East and his second within the African market.
MoneyHash addresses a urgent want within the area, over 30% of digital funds fail. The area’s fragmented and complicated cost ecosystem is sort of pricey to retailers throughout the area. The potential for enchancment is immense, contemplating the projected progress of the digital funds market within the area, which is projected to hit $150B+ finish of this yr.
Their full suite of totally built-in merchandise permits companies to combine a number of cost processors and strategies, optimize cost flows and recurring income, cut back fraud and cost failures, streamline reconciliation processes, and deal with numerous cost wants effectively.
Their mission is to empower medium to massive companies in rising markets by simplifying the complexity of cost infrastructure, flows, and operations, giving them an unfair benefit to develop and develop their buyer base.
In February 2022, MoneyHash raised $3 million pre-Seed funding, led by UAE enterprise capital agency COTU Ventures amongst others.