- MoneyHash raises $5.2M in pre-Series A funding to drive MEA expansion and enhance its payment platform.
- Flourish Ventures leads the round, supported by major investors, including Github’s Tom Preston-Werner and Jason Gardner.
- The funds will address fragmented payment systems, enabling seamless operations for merchants across emerging MEA markets.
US-based fintech company MoneyHash has successfully raised $5.2 million in its pre-Series A funding round. This milestone funding is aimed at accelerating the company’s market expansion in the Middle East and Africa (MEA).
The funding round was led by Flourish Ventures, a global fintech investor known for backing major players like Chime and Flutterwave. Additional participants included Vision Ventures, Arab Bank’s Xelerate, Emurgo Kepple Ventures, and Jason Gardner, the founder and former CEO of Marqeta, making his first MEA investment. Notable existing investors such as COTU Ventures, RZM Investment, and Github founder Tom Preston-Werner also participated in the round.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash provides a comprehensive payment orchestration platform. This system addresses the challenges faced by merchants in emerging markets, such as fragmented payment systems and high operational costs.
Tackling Complex Payment Challenges
In emerging markets like MEA, payment infrastructures are often underdeveloped. Merchants face high failure rates, fraud, and operational inefficiencies. According to Abdelrazik, “Digital payments in these markets are still a fraction of total transactions, highlighting immense growth potential in the coming decade.”
MoneyHash’s platform simplifies these complexities through a unified API for payment operations, customizable checkout experiences, and advanced fraud prevention measures. Its services also include features like recurring payments and subscription management.
Strategic Growth and Vision
MoneyHash’s recent funding follows a $4.5 million seed round in early 2024, reflecting its rapid growth. The company’s enterprise solutions have already been adopted by major regional players like Tamara, Kitopi, and Brands For Less.
The funds will be used to deepen its penetration in MEA markets while laying the foundation for future global expansion. Flourish Ventures’ Ameya Upadhyay, now on MoneyHash’s board, emphasized that the company’s solutions deliver better margins and higher performance for enterprises.
MoneyHash’s CEO sees this funding as pivotal for enhancing both the company’s capital structure and its market reach. With a growing team of 30 professionals spread across nine countries, the company is well-positioned to lead payment innovation in emerging markets.
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