MoneyHash Raises $4.5M to Improve MEA Payments

MoneyHash Raises $4.5M to Improve MEA Payments 

MoneyHash, a payment orchestration platform in the Middle East and Africa (MEA), has secured $4.5 million in a seed funding round. This milestone was achieved with co-leadership from COTU Ventures and Sukna Ventures, alongside contributions from RZM Investment, Dubai Future District Fund, VentureFriends, and a consortium of strategic investors.

This funding underscores the market's confidence in MoneyHash's potential to lead in the evolving payment landscape. MoneyHash's payment orchestration platform and end-to-end payment operating system have earned acclaim for simplifying payment processes. The capital infusion will fuel technological advancements and business expansion across the region.

Addressing Payment Challenges in MEA

The MEA payment landscape is complex, with numerous providers, evolving regulations, and varied customer dynamics. Payment fraud, low conversion rates, and transaction failures are common challenges. Nader Abdelrazik, MoneyHash's CEO, notes the opportunity amidst these challenges. Despite digital payment adoption, infrastructure remains underdeveloped. MoneyHash aims to empower merchants in navigating this ecosystem effectively.

Empowering MEA With Comprehensive Payment Solutions

MoneyHash offers an extensive payment operating system-as-a-service. Elena Panchenko, Chief Product Officer, emphasizes the interconnected nature of payment challenges. The company's product suite includes a unified API for integrating pay-in and pay-out rails, customizable checkout experiences, and transaction routing capabilities. Over 200 pre-integrated APIs across 80+ markets offer merchants flexibility and coverage.

Progress and Future Plans

Established in early 2021, MoneyHash has witnessed significant growth since its inception. Following a successful BETA launch in 2022 and an enterprise suite launch in 2023, the company doubled its network of integrations, achieved triple revenue, and expanded its processing volume by 30x. Amir Farha, Managing Partner at COTU, expresses confidence in MoneyHash's ability to catalyse digital payments growth in MEA.

Asher Siddiqui, General Partner at Sukna Ventures, praises MoneyHash's team and product, highlighting their precision and commitment to excellence. The participation of Tom Preston-Werner, founder of GitHub and early investor in Stripe, underscores MoneyHash's potential.

Headquartered in NYC with a global team spanning nine countries, MoneyHash plans to utilise the funds to expand its business team, enhance growth capabilities, and drive technological innovation.

For more information about MoneyHash, visit their website: 

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