MoneyHash bags $4.5M in seed funding round led by COTU, Sukna

MoneyHash, a payment orchestration platform in the Middle East and Africa, has raised $4.5 million in a seed funding round co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, and other strategic investors and operators.

The fresh capital will be used to expand the business team, maintain technological progress, and learn more about MoneyHash and its products at moneyhash.io.

"COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped. In MEA, payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20% higher than in all other regions. This places merchants in a challenging position, viewing payments as a cost and risk center rather than a strategic enabler," said Nader Abdelrazik, co-founder and CEO of MoneyHash.

MoneyHash, founded in 2021 by Nader Abdelrazik and Mustafa Eid, is an Egyptian fintech and enterprise software company. After a successful BETA launch in 2022, it launched its enterprise suite in October targeting large enterprises.

Its payment orchestration platform and operating system are popular for businesses seeking efficient and scalable payment infrastructure.

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"However, the opportunity is enormous. MEA's trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade. Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in." he added.

MoneyHash provides a comprehensive payment operating system for enterprise merchants, offering a unified API for pay-in and pay-out rails, customizable checkout experience, transaction routing capabilities, fraud and failure rate optimisers, and a centralised reporting hub. It also offers tools for virtual wallets, subscription management, and payment links.