Egyptian payments platform MoneyHash has secured $5.2 million in pre-Series A funding to target emerging markets globally.
Flourish Ventures, a global fintech investor behind industry players like Chime, Flutterwave, FairMoney, and Neon, led the round, adding to its portfolio of over 100 fintech startups.
Additional investors include Saudi's Vision Ventures, Arab Bank's Xelerate, and Emurgo Kepple Ventures. The round also features the participation of Jason Gardner, founder and former CEO of Marqeta, as his first MEA investment, alongside existing investors COTU, RZM Investment, and Github founder Tom Preston-Werner.
MoneyHash previously secured a $4.5 million seed round in early 2024, which fuelled technology investment and its expansion across the Middle East and Africa. The new round sets the stage for a global expansion strategy tackling emerging market payments.
Nader Abdelrazik, co-founder and CEO of MoneyHash, says: "In emerging markets, payment infrastructure remains significantly underdeveloped, with failure rates three times the global average and fraud rates and cart abandonment over 20% higher than developed markets. Drawing from our extensive experience in MEA, one of the most challenging regions globally, we've seen firsthand how these issues transform payments from a growth enabler into a cost and risk centre."
The MoneyHash platform integrates with merchants' existing payment providers offering a unified API for pay-in and pay-out operations, a customiseable checkout, transaction routing with built-in fraud prevention and failure rate optimisation, and reporting tools. This core offering is enhanced by features like recurring payments, virtual wallets, subscription management, and payment links from a compendium of 300 pre-integrated APIs of payment service providers and methods across 100+ markets,
Maram Alikaj, chief operating officer of MoneyHash and former payment leader at Block, emphasises, "We've built our product with a deep understanding of emerging markets' unique challenges. Rather than letting merchants struggle with fragmented solutions, we provide a unified suite that elevates all payment performance metrics."