MoneyHash, a pioneering payment orchestration platform founded by Nader Abdelrazik and Mustafa Eid in 2021, has successfully raised $5.2 million in a pre-Series A funding round announced on Monday.
This funding will enhance its capabilities to streamline payment processes for merchants across the Middle East and Africa (MEA).
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Funding details
Flourish Ventures led the funding round, which included notable investors such as Saudi Arabia’s Vision Ventures, Arab Bank’s Xelerate program, and Emurgo Kepple Ventures.
Jason Gardner, founder of Marqeta, made his first investment in the MEA region through this round.
Existing backers such as COTU and GitHub founder Tom Preston-Werner also contributed, highlighting the growing confidence in MoneyHash’s innovative solutions.
Addressing payment challenges
MoneyHash aims to tackle the complexities of payment systems in emerging markets, where transaction failure rates are significantly higher than global averages.
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“In emerging markets, payment infrastructure remains significantly underdeveloped,” Abdelrazik noted, emphasising the need for a robust solution that can transform payments from a liability into a strategic advantage.
MoneyHash offers a unified API for pay-in and pay-out operations, customisable checkout experiences, and advanced transaction routing features.
The platform integrates over 300 pre-connected APIs from various payment service providers across more than 100 markets. This extensive network allows businesses to scale their operations efficiently while maintaining high-performance metrics.
