Payments platform MoneyHash raises $5.2m in pre-Series A funding
Flourish Ventures and Neon led the round.
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MoneyHash, a payment orchestration platform operating in the Middle East and Africa (MEA), has secured $5.2 million in pre-Series A funding. Flourish Ventures and Neon led the round. Additional investors include Saudi's Vision Ventures, Arab Bank's Xelerate, and Emurgo Kepple Ventures. The round further featured the participation of Jason Gardner, founder and former CEO of Marqeta, as his first MEA investment. The round also saw continued support from existing investors COTU, RZM Investment, and Github founder Tom Preston-Werner.
MoneyHash offers a payment operating system built for emerging markets, transforming existing payment setups into high-performance engines. The platform seamlessly integrates with merchants' existing payment providers.
"In emerging markets, payment infrastructure remains significantly underdeveloped, with failure rates three times the global average and fraud rates and cart abandonment over 20% higher than developed markets. Drawing from our extensive experience in MEA, one of the most challenging regions globally, we've seen firsthand how these issues transform payments from a growth enabler into a cost and risk center," says Nader Abdelrazik, co-founder and CEO of MoneyHash.
Abdelrazik adds, "The opportunity to solve this is immense. In emerging markets, digital payments represent only a fraction of total transaction volume, suggesting massive growth potential in the coming decade. We've built MoneyHash specifically to help merchants overcome these complex challenges and turn payments from a liability into a strategic advantage."
MoneyHash was founded in early 2021 by Nader Abdelrazik and Mustafa Eid.
Ameya Upadhyay, venture partner at Flourish Ventures, said: "MoneyHash has built a must-have product for enterprises that delivers better payment performance and higher margins from day one. As early-stage investors with a large EM-focused payment portfolio, we have first-hand experience of the massive scale of the opportunity. The team’s deep payment experience and obsessive customer focus positions them to emerge as a leader across emerging markets, starting with MEA. We are privileged to be part of the journey."
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