Wednesday July 24th, 2024
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Egypt-Based Fintech Connect Money Secures $8 Million in Seed St

The investment will support the company's efforts to expand its platform, with a focus on North Africa.

Startup Scene

Egypt-Based Fintech Connect Money Secures $8 Million in Seed St

Connect Money, an Egypt-based fintech company specializing in banking-as-a-service and embedded finance, has secured $8 million in seed funding. This funding round was led by prominent venture capital firms Disruptech Ventures and Algebra Ventures. The investment will support the company's efforts to expand its platform, which enables businesses to offer debit and credit cards to their customers without needing to develop their own fintech infrastructure or obtain regulatory licenses.

"We are immensely proud to announce the closure of our seed funding round, a testament to the confidence and support extended by our investors Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop and MDP,” Ayman Essawy, Co-founder and CEO of Connect Money, tells StartupScene. “This significant seed investment underscores our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled.”

The company provides a comprehensive white-label card issuing platform that covers digital payments, instant financing, and access to a vast network of over 20,000 marketplace partners. Connect Money’s end-to-end solutions include card issuance, distribution, KYC (Know Your Customer) processes, customer support, and mobile banking app development. This streamlined SaaS offering simplifies the payments experience for businesses and their customers, allowing them to efficiently manage and implement banking services.

"We are proud to partner with Connect Money to revolutionize embedded finance in MENA. This investment demonstrates our commitment to supporting solid teams that build disruptive technologies for financial inclusion and digital transformation," Mohamed Okasha, Managing Partner of Disruptech Ventures, says. "Connect Money's expertise, deep market knowledge, and cutting-edge integrated tech will greatly enhance accessibility and efficiency in financial services, benefiting the fintech-enabled ecosystem and transforming banking operations while positioning Egypt as a valuable hub for exporting embedded finance services."

With the new funding, Connect Money plans to launch five new business verticals, which will be announced separately. These expansions will target North African markets, positioning Connect Money as the preferred platform for businesses looking to integrate seamless banking services into their operations. The company's goal is to provide these services in a way that enhances operational efficiencies and generates new revenue streams for non-financial institutions.

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