MoneyHash Secures $3M To Build A Super-API For Payment Operations In Africa And Mideast
Egypt and US-based MoneyHash has just emerged from beta with $3 million in pre-seed funding.
Founded in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is building a super API for payments that aggregates payment and fintech solutions, enabling merchants to provide a unified checkout experience to their customers – and access data and reports through one central dashboard.
To be able to use MoneyHash’s super API, the merchants are supposed to have accounts with any payment processor that they want to integrate into their checkout experience. It is also in the process of partnering with three payment processors, two KYC companies, and an open banking company to facilitate account opening and offer an end-to-end experience to merchants, its co-founder and CEO Nader Abdelrazik told MENAbytes.
The firm describes itself as the Middle East and Africa’s “first super-API for payment orchestration and revenue operations.”
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, Nuwa Capital and First Check Africa. Angel investors include NerdWallet’s Tim Chen, Jake Gibson and Belvo’s Oriol Tintore.
MoneyHash clients cut across different industries: e-commerce, travel and 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.