Egyptian payments platform MoneyHash has secured $5.2 million in pre-Series A funding to focus on emerging markets worldwide.
Flourish Ventures, a leading global fintech investor known for its backing of companies such as Chime, Flutterwave, FairMoney, and Neon, led this funding round, enhancing its portfolio of over 100 fintech startups. Other investors include Saudi Arabia’s Vision Ventures, Arab Bank’s Xelerate, and Emurgo Kepple Ventures. Notably, Jason Gardner, founder and former CEO of Marqeta, participated in this round as his first investment in the Middle East and Africa (MEA), joining existing investors like COTU, RZM Investment, and Github founder Tom Preston-Werner.
Previously, MoneyHash raised $4.5 million in a seed round at the beginning of 2024, which facilitated technological advancements and expansion throughout the Middle East and Africa. The latest funding will help drive a global expansion strategy focused on enhancing payment solutions in emerging markets.
Nader Abdelrazik, co-founder and CEO of MoneyHash, commented, “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 in developed markets. Our extensive experience in MEA, one of the most challenging regions globally, has shown us how these issues can turn payments into a cost and risk burden rather than a growth driver.”
The MoneyHash platform integrates with merchants’ existing payment providers to offer a unified API for both pay-in and pay-out operations. It features a customizable checkout, transaction routing with built-in fraud prevention, failure rate optimization, and comprehensive reporting tools. Additional capabilities include recurring payments, virtual wallets, subscription management, and payment links, leveraging a network of over 300 pre-integrated APIs from payment service providers across more than 100 markets.
Maram Alikaj, chief operating officer of MoneyHash and former payments lead at Block, emphasized, “We’ve developed our product with a deep understanding of the unique challenges faced by emerging markets. Instead of forcing merchants to navigate fragmented solutions, we offer a cohesive suite that enhances all payment performance metrics.”