Investments Egypt’s Money Hash raises pre-seed investment to build a super API for payments

Investments Egypt’s Money Hash raises pre-seed investment to build a super API for payments

Cairo-based financial technology company MoneyHash announced today in a statement that it had raised upfront investment led by COTU Ventures by Amir Farhi, but did not disclose the exact size of the deal. Africa Early VC Platform, Kepple Africa Ventures and some business angels also participated in this funding round.

MoneyHash was founded by Nader Abdelrazik, Mustafa Eid and Anisha Sekar at the end of 2020. It creates a super-API for payments that integrates payment and financial technology solutions to enable merchants to provide their customers with a consistent checkout experience and access data and reporting through a central dashboard.

The startup is currently testing its service internally and plans to launch it soon in Egypt, Saudi Arabia and the United Arab Emirates. MoneyHash hopes to provide services in many other regions of the Middle East and Africa by the end of 2022.

To be able to use the super-API MoneyHash, merchants must have an account with any payment processor they wish to integrate into their checkout process. Its co-founder and CEO, Nader Abdelrazik, stated that he also works with three payment systems, two KYC companies and an open banking company to facilitate account opening and provide merchants with an end-to-end experience.

In terms of pricing, he said they would charge merchants with subscription fees and micro transaction fees. The startup is still experimenting with different combinations and will share more details in a public release.

Merchants who want to use the super API MoneyHash must have an account with whatever payment processor they want to use when placing an order. The company is currently establishing partnerships that include three payment systems, two KYC companies and an open banking company. The partnership aims to facilitate account opening and provide an end-to-end experience for merchants.

As per Anisha Sekar, Co-Founder and Chief Commercial Officer of MoneyHash, They are working on a comprehensive revenue generating solution that aims to achieve flexibility and scalability. With a unified validation experience supported by a single API integration, the entire MEA enterprise can have immediate access. They need to develop suppliers and products. They accelerated time to market and saved weeks of preparatory work. A comprehensive view of income allows them to understand automation and intelligent routing for long-term savings in time and money. Their mission is to create an effective, safe and comprehensive solution that will help, not hinder business development.

Nader added in a statement: “The Middle East and Africa are some of the fastest growing regions, and the payment and financial technology sectors are developing rapidly. As many companies in the region and abroad plan to expand in this part of the world, they face devastating technical and operational challenges: establishing separate connections with each service provider while providing a consistent experience for their customers. This results in a complex technology stack that wastes valuable resources and increases the risk of errors, fraud, and technical debt vulnerabilities.

MoneyHash technology abstracts from the complexity of this decentralized marketplace and allows companies to expand and grow by fully focusing on their products without compromising security and efficiency. ”

MoneyHash plans to use the funds to further develop its technology, expand its team and launch its services.

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