Egyptian Banking-as-a-Service startup Connect Money has successfully secured $8 million in seed funding, led by Disruptech Ventures and Algebra Ventures.
Connect Money provides a white-label card issuing platform, allowing businesses to offer debit and credit cards to their customers without the need to develop their own fintech infrastructure or acquire regulatory licenses. Their embedded finance solution includes digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Additional support services offered encompass white-labeled card issuance, distribution, KYC, customer support, and mobile banking app development.
Since its launch earlier this year, Connect Money has issued 300,000 cards for clients, with a swift go-live timeline of just 60 days post-contract signing. The company plans to utilize this new funding to introduce five additional business verticals in North African markets.
Ayman Essawy, co-founder and CEO of Connect Money, stated, “This significant seed investment underscores our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled.” Essawy is an experienced entrepreneur, having previously founded the pre-IPO loyalty platform Dsquares and Lucky ONE, a consumer app focused on credit, offers, and cashback rewards.