Fintech startup Connect Money, based in Egypt, bags $8 million in their seed financing round.
Connect Money, a fintech company based in Egypt, has recently secured $8 million in seed funding. This investment is set to propel the company's mission to revolutionize digital payments, rapid financing, and marketplace integration in the Middle East and North Africa (MENA) region.
The funding round was led by Algebra Ventures and Disruptech Ventures, with additional investments from First Momentum Ventures. Mohamed Okasha, managing partner of Disruptech Ventures, expressed his excitement about the partnership, stating that it aims to revolutionize embedded finance in the MENA region.
Connect Money's founders, Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, bring extensive industry experience to the table. They have previously founded Dsquares in 2012 and Lucky ONE in 2019. Ayman Essawy, co-founder and CEO of Connect Money, said that the significant seed investment underscores their hyper-growth potential.
Connect Money specializes in banking as a service and embedded financial services. Their innovative SaaS platform handles white-label card issuance and distribution, Know Your Customer (KYC) procedures, customer support, and the development of mobile banking apps. This platform allows businesses to offer debit and credit cards without developing fintech infrastructure or obtaining regulatory licensing.
The benefits of Connect Money's solutions will extend to the fintech-enabled ecosystem and transform banking operations in Egypt. By offering a simplified payment process, Connect Money aims to eliminate existing pain points for businesses aiming to become financially enabled.
Connect Money's expertise, market knowledge, and advanced integrated technology will significantly improve accessibility and efficiency in financial services. The startup will introduce five new business verticals to the North African market, positioning Egypt as a key hub for exporting embedded finance services.
Ayman Essawy is optimistic that their solutions will accelerate the growth of non-financial institutions by enhancing their operations and creating new revenue streams from banking services. He believes that this investment will further propel Connect Money's mission to make financial services more accessible and efficient for businesses in the MENA region.
Disruptech Ventures' investment in Connect Money demonstrates their dedication to supporting teams developing disruptive technologies for financial inclusion and digital transformation. With this investment, Connect Money is one step closer to achieving its goal of making financial services more accessible and efficient for businesses in the MENA region.
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