Connect Money, a fast-growing fintech startup from Egypt, is preparing to enter the Saudi Arabia market by mid-2025. Co-founded by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, the company offers a white-label card-issuing platform that enables businesses to issue debit and credit cards to customers without needing to build their own fintech infrastructure or secure regulatory licenses.
Why did Connect Money choose Saudi Arabia?
According to CEO Ayman Essawy, Saudi Arabia represents a significant growth opportunity in fintech. The Kingdom’s thriving ecosystem, robust regulatory framework, and strong connections with financial providers make it an ideal next step for expansion. Essawy noted, “We’ve built great relationships with regulators, partner banks, and key players in Saudi’s financial sector. There is a clear need for our services to further accelerate the country’s fintech growth.”
Once the Saudi operations begin, the company plans to allocate 80-90% of its focus to this market. Essawy also hinted at future expansion to Morocco, making Connect Money a regional player to watch.
Solving Complex Problems
Connect Money addresses three critical challenges that businesses face when integrating fintech solutions:
- Regulatory Hurdles
Enterprises often struggle with lengthy compliance processes. For companies in industries like telecom, logistics, and oil, this becomes a significant barrier. - Infrastructure Costs
Building and maintaining fintech infrastructure can be prohibitively expensive. Connect Money eliminates this burden by providing a ready-to-use platform. - Cash-to-Cashless Transition
Many businesses aim to reduce operational costs and inefficiencies tied to cash-based systems. By offering white-label cards and embedded finance services, Connect Money helps enterprises streamline operations while unlocking new revenue streams, such as credit and transaction services.
Essawy describes their platform as a “one-stop shop” for embedded finance, offering businesses a seamless way to manage financial operations while maintaining ownership of their customers and operations.
A Proven Model
In its first year of operation, Connect Money has already secured eight contracts in Egypt, proving the demand for its services. The company’s streamlined 10-week onboarding process ensures clients can quickly bring their products to market.
Essawy emphasized that their offerings go beyond large enterprises, targeting mid-sized businesses as well. “There’s a misconception that Saudi Arabia only caters to high-value customers. In reality, there’s tremendous potential in mid-market segments,” he explained.
Lessons from Experience
Essawy’s entrepreneurial journey gives Connect Money a competitive edge. Having previously spent seven years in Saudi Arabia with his first venture, Dsquares, he identified key gaps in the financial sector. He also co-founded Lucky ONE, Egypt’s largest coupon platform, further cementing his expertise in building scalable solutions.
Despite the Kingdom’s opportunities, Essawy advises startups to carefully assess their business models and profit margins before entering Saudi Arabia. “The market is lucrative but comes with higher operational costs. Companies must ensure their growth pace and margins align with these dynamics,” he said.
Next Steps for Connect Money in Saudi Arabia
Connect Money is already laying the groundwork for its Saudi expansion. The company is finalizing the recruitment of a Saudi-based founding team member to lead local operations, marking its commitment to establishing a strong foothold in the Kingdom.
Looking Ahead
With a unique offering, proven traction, and a clear strategy for market entry, Connect Money is poised to make a significant impact in Saudi Arabia’s fintech sector. As the company bridges the gap between cash and cashless transactions, it aims to empower businesses with innovative financial solutions and create a ripple effect across the region.
