Payment orchestration and revenue operations platform, MoneyHash has raised $3 million in pre-seed funding.
Emerging from beta, Egypt and US-based MoneyHash will use the funds to boost its growth across the Middle East and Africa. The fintech company also plans to expand its team — currently 15 across the US, Egypt, the UAE, Nigeria and some parts of Europe — and hire mid-level and senior software engineers.
The pre-seed round is an extension of an undisclosed six-figure raise MoneyHash announced last June from investors Ventures Platform, Kepple Africa Ventures, LoftyInc Capital and lead COTU Ventures.
The Middle Eastern early-stage fund also led this extension, with participation from previous backers in the initial pre-seed round and others like VentureSouq, VentureFriends, The Continent Venture Partners and First Check Africa. Angel investors include NerdWallet’s Tim Chen, Jake Gibson and Belvo’s Oriol Tintore.
MoneyHash was founded in 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar who have a combined experience of over 30 years working for companies such as Microsoft, UpWork, NerdWallet and Sigfig.
Clients who leverage the company’s service offering cut across industries such as e-commerce, travel & tourism, and remittances, among others. They can integrate payment providers with a few clicks, embed a unified checkout system, and access micro-services such as transaction routing, subscription management and invoicing on the platform.
MoneyHash charges these companies between $150 and $1,000 per month, depending on the number of payment providers they connect to. The platform also takes transaction fees that start at 10 cents and go down as payments volume increases.
