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Egypt's fintech MoneyHash raises $4.5m Seed round

Egypt's fintech MoneyHash raises $4.5m Seed round
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Cairo – Mubasher: Egyptian fintech MoneyHash, the first and leading payment orchestration platform in the MEA region, has secured a $4.50 million Seed funding round, according to a press release.

The fundraising transaction was led by COTU Ventures and Sukna Ventures, with the participation of RZM Investment, Dubai Future District Fund (DFDF), VentureFriends, and angel investors.

The fintech will use the funds to expand the business team and boost growth capabilities, in addition to maintaining technological progress.

Through the funding, MoneyHash will be able to further invest in the technology sector and support growth initiatives across the region.

Founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash offers comprehensive payment operating services to address the various technological and product challenges faced by enterprise merchants.

Nader Abdelrazik, Co-Founder and CEO of MoneyHash, commented: "In MEA, payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20% higher than in all other regions.”

“This places merchants in a challenging position, viewing payments as a cost and risk center rather than a strategic enabler," Abdelrazik elaborated.

Nonetheless, the CEO highlighted that the opportunity is enormous, indicating that “MEA's trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade."

Headquartered in New York with 30 team members across nine countries globally, MoneyHash raised a $3 million pre-seed round in 2021.