Cairo – Mubasher: Egypt-based fintech company Connect Money has closed an $8 million seed funding round led by Disruptech Ventures and Algebra Ventures.
The new funding will support Connect Money's plans to introduce five new business verticals in North African markets, according to a press release.
The capital will also fuel the company's growth in existing markets such as Egypt and Morocco, drive innovation, enhance technology capabilities, and support new market entries with a focus on Africa.
Ayman Essawy, Co-Founder and CEO of Connect Money, said: "We are immensely proud to announce the closure of our seed funding round, a testament to the confidence and support extended by our investors Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP.”
Mohamed Okasha, Managing Partner of Disruptech Ventures, stated: "We are proud to partner with Connect Money to revolutionise embedded finance in MENA. This investment demonstrates our commitment to supporting solid teams that build disruptive technologies for financial inclusion and digital transformation.”
Omar Khashaba, General Partner at Algebra Ventures, commented: “Connect will allow companies to issue cards to their customers, partners, or suppliers without having to build fintech infrastructure, obtain regulatory approval, or partner with a bank.”
Mohamed Sadek, Managing Partner at Lorax Capital Partners, noted: “We are excited to partner for the third time with the founders of Connect Money in their latest venture in the Banking-as-a-Service space. We believe there is a strong need for the Connect solution in the region and beyond.”
Connect Money aims to revolutionise banking-as-a-service with its comprehensive white-label card issuing platform, designed to help businesses offer debit and credit cards without the need for extensive fintech infrastructure or regulatory approval.
The company's platform offers a suite of solutions including digital payments, instant financing, and access to a network of over 20,000 marketplace partners.
