Funds of $5.2 million secured for expansion of MoneyHash's payment coordination system, catering to developing economies during the pre-Series A round.
MoneyHash, a payment orchestration and revenue operations platform, has secured $5.2 million in a pre-Series A funding round. The platform, which was founded in early 2021 by Nader Abdelrazik and Mustafa Eid, is focused on the Middle East and Africa (MEA) region.
The funding round was led by Flourish Ventures, with participation from Vision Ventures, Arab Bank's Xelerate, Emurgo Kepple Ventures, Marqeta founder Jason Gardner, COTU, RZM Investment, and Github founder Tom Preston-Werner. Ameya Upadhyay, Venture Partner at Flourish Ventures, will join MoneyHash's board of directors.
MoneyHash offers an all-in-one flexible payment infrastructure designed to cover all payment needs. The platform provides a full-stack solution that accelerates payment processes and boosts market entry speed by supporting a wide range of payment methods, including cards, wallets, bank transfers, crypto, and buy now pay later (BNPL) options. This makes it easier for businesses to integrate payments seamlessly through MoneyHash’s Super-API infrastructure.
The company has seen significant growth in 2024, with its processing volume increasing 4x. MoneyHash targets businesses across the MEA region, enabling them to enter new markets with localized payment solutions. The platform is positioned as a pioneer in the region for payment orchestration covering diverse digital payment methods and revenue operations, reflecting a growth strategy aligned with expanding fintech adoption in these regions.
Nader Abdelrazik, co-founder and CEO of MoneyHash, stated that the opportunity to solve payment infrastructure issues in emerging markets is immense. Flourish Ventures believes that MoneyHash has built a must-have product for enterprises that delivers better payment performance and higher margins from day one.
Some of MoneyHash's prominent clients include Saudi's first unicorn Tamara, cloud kitchen operator Kitopi, and e-commerce player Brands For Less. The startup previously raised $4.5 million in early 2024. MoneyHash currently employs 30 professionals across nine countries.
The funds will be used to accelerate market penetration in the MEA region and prepare for expansion into additional emerging markets. MoneyHash plans to leverage its strategic partnerships, including those with UAE government entities and enterprise software development expertise, to drive growth in the coming years.
[1] MoneyHash. (2021). [Company Profile]. Retrieved from https://moneyhash.com/
[2] MoneyHash. (2024). [Press Release: MoneyHash Raises $5.2 Million in Pre-Series A Round]. Retrieved from https://moneyhash.com/press-releases/moneyhash-raises-5-2-million-in-pre-series-a-round/
- With the funding round led by Flourish Ventures, MoneyHash, a payment orchestration and revenue operations platform, aims to expand its reach in the Middle East and Africa (MEA) region, leveraging technology to offer a seamless payment infrastructure that caters to diverse lifestyle needs of businesses and consumers.
- As MoneyHash's processing volume quadrupled in 2024, the fintech startup has secured a strategic position in the MEA region, providing businesses with localized payment solutions, enabling growth in the region's burgeoning digital lifestyle, and fostering the adoption of technology-driven finance solutions.
