The round was led by Flourish Ventures, a global investor in financial technology, with participation from Vision Ventures and Arab Bank’s Xelerate, along with individual backers like Marqeta founder Jason Gardner.

This funding comes just a year after MoneyHash secured $4.5 million in seed funding, bringing its total capital raised to over $12 million since its launch in 2021. The company plans to use the funds to strengthen its foothold in the MEA region and explore new opportunities in other emerging markets.

Addressing Payment Challenges in Emerging Markets

Payment processes in emerging markets are notoriously complex, with high transaction failure rates and limited standardisation among providers. 

Businesses usually face challenges in integrating multiple payment systems to meet customer and regulatory requirements. These challenges are particularly pronounced in regions like Africa and the Middle East, where diverse payment methods and currencies make scaling difficult.

MoneyHash aims to simplify this sector by providing an all-in-one payment operating system. Through a unified API, businesses can simplify pay-in and pay-out operations, optimise transaction performance, and access features like fraud prevention, customisable checkouts, and detailed reporting tools. 

The platform also supports subscription management, virtual wallets, and payment links, giving companies a thorough solution to manage their payment needs efficiently.

Initially targeting small merchants, MoneyHash has pivoted towards larger enterprises in 2024, launching an enterprise suite that now accounts for 35% of its client base—a threefold increase this year. 

Well-known customers include Tamara, a buy-now-pay-later (BNPL) giant, and Kitopi, a leader in the cloud kitchen sector. These partnerships have contributed to a fourfold increase in processing volumes and a threefold rise in revenue over the past year, according to CEO Nader Abdelrazik.

“In emerging markets, digital payments represent only a fraction of total transaction volume, suggesting massive growth potential in the coming decade,” Abdelrazik said. “We’ve built MoneyHash specifically to help merchants overcome these complex challenges and turn payments from a liability into a strategic advantage.”

Flourish Ventures, the lead investor, emphasised the impact of MoneyHash’s platform. “The team’s expertise in payment solutions and customer-centric approach places them as a leader in emerging markets,” said Ameya Upadhyay, a venture partner at Flourish Ventures who will join MoneyHash’s board.

The company has over 300 pre-integrated APIs covering more than 100 markets, allowing businesses to connect seamlessly with local and international payment providers like Adyen, Stripe, Fawry, and Mono. 

This network has helped MoneyHash improve payment efficiency and accessibility across the region.

Headquartered in New York but with a team spanning nine countries, MoneyHash plans to allocate its new funding towards deepening its presence in MEA while laying the groundwork for expansion into additional emerging markets. 

With the leverage of its unique expertise and strong investor backing, the company aims to drive innovation in the fintech space, supporting businesses to overcome challenges in operations and scale more effectively.

Founded in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash is a payment orchestration platform targeting the needs of emerging markets.

The company provides businesses with a unified platform to manage complex payment ecosystems, optimise performance metrics, and bolster growth opportunities.

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.