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Egyptian fintech startup MoneyHash has raised $5.2 million in a pre-Series A funding round, marking another big step in its mission to simplify Africa’s fragmented payment systems. The funds will help the company refine its platform, expand its market reach, and integrate new features to streamline payments for businesses across the continent.
Strategic Investors Backing MoneyHash
The funding round was led by Flourish Ventures, with participation from Saudi Vision Ventures, Arab Bank’s Xelerate Fund, and Emurgo Kepple Ventures. Notable angel investor Jason Gardner, founder and former CEO of Marqeta, also joined the round, along with existing supporters such as COTU, RZM Investment, and Tom Preston-Werner.
This latest injection of capital follows MoneyHash’s $4.5 million seed round in early 2024, which helped it establish its presence in Africa’s growing fintech space.
MoneyHash to Solve Fragmentation in Africa’s Payment Ecosystem
Africa’s payment systems are notoriously fragmented, creating hurdles for businesses that rely on smooth transactions. MoneyHash addresses this issue with an innovative platform that unifies diverse payment methods into one simple interface. This solution helps businesses accept and manage multiple payment options without the complexity of dealing with disjointed systems.
“Our goal is to make Africa’s financial ecosystem more accessible and efficient,” said Nader Abdelrazik, CEO of MoneyHash. “This funding will enable us to push forward, empowering SMEs and fueling digital growth across the continent.”
A Booming Fintech Scene
MoneyHash’s success comes at a time when African fintech startups are drawing global attention. Eight of Africa’s unicorns are in fintech, highlighting the sector’s role in driving innovation and financial inclusion.
Despite occasional funding dips, such as a 58% decline in African fintech funding in Q3 2022, the long-term outlook remains positive. Startups like MoneyHash demonstrate resilience by addressing real-world challenges and attracting investor confidence.
For instance, Nigerian fintech FairMoney recently acquired PayForce to consolidate payment services for consumers and merchants. Similarly, Juicyway, an African fintech focusing on cross-border payments, processed $1.3 billion in transactions before emerging from stealth mode in December 2024.
MoneyHash is Empowering SMEs
MoneyHash’s platform is more than just a payment solution. By integrating fragmented systems, the startup empowers small and medium-sized enterprises (SMEs)—the backbone of many African economies—to scale their operations and simplify financial interactions.
With this latest funding, the company plans to expand its presence in key markets, including Egypt, Saudi Arabia, and Qatar, while building out additional integrations to improve its technology.
Shaping the Future of African Fintech
As MoneyHash refines its platform and expands its footprint, it is helping to lay the foundation for a more inclusive and interconnected digital economy in Africa. By addressing inefficiencies and providing seamless financial solutions, the company positions itself as a key player in the region’s fintech landscape.
With continued innovation and investor backing, the future of African fintech looks brighter than ever, creating endless opportunities for businesses and entrepreneurs alike.
