MoneyHash, an USA and Egypt based payment orchestration platform has successfully raised $4.5M in a seed funding round.

The round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and a group of strategic investors and operators.

This funding will enable MoneyHash to further invest in its technology and expand its business growth initiatives across the region.

Addressing Challenges in The MEA Payments Landscape

The payments landscape in the MEA is highly fragmented. Each country has tens of payment providers and methods, developing payment regulations, limited economic integration with other markets, and a diverse set of customer preferences and market dynamics.

The complexity of the ecosystem is compounded by the region’s susceptibility to payment fraud, low checkout conversion rates, and increased transaction failures.

“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,”

says Nader Abdelrazik, co-founder and CEO of MoneyHash.

Abdelrazik adds,

This round marks the first Middle Eastern investment of Tom Preston-Werner, GitHub’s founder and early Stripe investor.

Featured image credit: Mustafa Eid (Cofounder & CTO, left) – Elena Panchenko (CPO – Middle) – Nader Abdelrazik (Cofounder & CEO, Right)