MoneyHash, the pioneering payment orchestration platform in the Middle East and Africa (MEA), has successfully secured $4.5 million in a seed funding round. Co-led by COTU Ventures and Sukna Ventures, and featuring prominent investors such as RZM Investment, Dubai Future District Fund, VentureFriends, and strategic individuals like Tom Preston-Werner, the funding will propel MoneyHash to new heights in the rapidly evolving digital payments landscape of the MEA region.
Founded in early 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has quickly risen to prominence with its innovative approach to payment orchestration. The company’s proprietary payment operating system and end-to-end payment infrastructure have received acclaim for streamlining payment processes, making it the preferred choice for businesses seeking efficient and scalable payment solutions.
Despite the challenges posed by a fragmented payments landscape in the MEA region, MoneyHash stands out as a beacon of innovation. The complexity of multiple payment providers, evolving regulations, and diverse customer preferences has led to increased fraud rates, low checkout conversion rates, and transaction failures. Nader Abdelrazik, the CEO of MoneyHash, notes, “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. Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in.”
MoneyHash offers a comprehensive payment operating system as a service, addressing the technological and product challenges faced by enterprise merchants. Elena Panchenko, Chief Product Officer, emphasizes the importance of an integrated approach, stating, “Rather than merchants juggling between solutions and in-house fixes, we offer a versatile suite to address current and future challenges simultaneously.”
The platform boasts a unified API for seamless integration of pay-in and pay-out rails, a customizable checkout experience, transaction routing capabilities with fraud and failure rate optimizers, and a centralized transaction reporting hub. With over 200 pre-integrated APIs, MoneyHash provides maximum flexibility and coverage across 80+ markets.
MoneyHash’s progress has been remarkable since its inception. After a successful BETA launch in 2022, the enterprise suite was introduced in October 2023, targeting large enterprises. In the same year, the company doubled its network of integrations, achieved triple revenue growth, and increased its processing volume by 30 times. Notable clients, including Foodics, Rain, and Tamatem, have already joined the MoneyHash ecosystem.
Amir Farha, Managing Partner at COTU, expresses confidence in MoneyHash’s potential, stating, “MoneyHash developed a sophisticated and high-quality platform that can catalyze the growth of digital payments across the region, enabling both global and local merchants to tap into new revenue streams.”
This funding round also marks the first Middle Eastern investment of Tom Preston-Werner, founder of GitHub and an early investor in Stripe, showcasing his belief in MoneyHash’s product quality and its ability to solve critical customer issues.
MoneyHash, headquartered in NYC with a global team spanning nine countries, had previously raised a $3 million pre-seed round in 2021. The new funds will primarily be utilized to expand the business team and growth capabilities while maintaining technological progress.