Launching online, companies usually invest in one or two payment processors. As they flourish and expand their borders, they often find the need to increase their payment business partners to satisfy customer and sometimes, regulatory demands. This requirement presents its own set of challenges.
To maneuver through this, companies such as Egypt’s MoneyHash, which assists merchants in the Middle East and Africa to control complicated payment stacks, has garnered $5.2 million as it shifts focus to larger enterprises. This pre-Series A funding comes a year after its last seed round that accrued $4.5 million in February 2024. Since its inception in early 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has generated over $12 million.
Incorporating multiple payment stacks can often be an operationally complex and inefficient procedure, taking tech teams weeks to accomplish. These predicaments become vividly apparent in Africa and the Middle East given the diverse payment methods and currencies, a gap which payment orchestration platforms like MoneyHash aim to fill by streamlining these payment procedures across regions through APIs.
MoneyHash, in simplifying the payment stack, provides features such as a unified API for pay-in and pay-out procedures, customizable checkouts, advanced transaction routing with fraud prevention, among others. It aims to provide an “all-in-one solution” to merchants.
Standing out from its counterparts, MoneyHash’s vast integration network covers 100+ markets including over 300 pre-integrated APIs with local and international processors. Initially honing in on smaller merchants, MoneyHash branched into bigger enterprises in early 2024, an undertaking that led to a threefold increase in clientele.
Businesses from industries like e-commerce, hospitality, and gaming now constitute 35% of its clients. Abdelrazik attributes MoneyHash’s recent success in the pre-Series A funding to its enterprise pipeline and long-term contracts, which resulted in a fourfold increase in processing volume and a threefold revenue influx over the past year.
The investment round was led by Flourish Ventures, with participants including Saudi’s Vision Ventures, Arab Bank’s Xelerate, and Emurp Kepple Ventures, among others.
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