Egyptian Fintech and Connect Money Close $8 Million Seed Round for Large-Scale Operations in Morocco and Kenya – BitKE

Connect Money, a banking-as-a-service fintech company focused on integrated financial services, has closed a seed funding round worth $8 million to help it expand operations across Africa.

The round was co-led by Egypt-based VC:

• DisrupTech Initiatives
• Algebra Ventures e
• Lorax Capital Partners

with the participation of:

• One Stop Capital
• MDP

As a result, the young fintech is now planning growth within and outside Egypt, including markets such as Morocco and Kenya.

Launched in early 2024, Connect money provides a comprehensive white label card issuing platform that allows businesses to provide their customers with debit and credit cards without the need to develop fintech infrastructure or obtain regulatory licenses.

“This significant initial investment highlights our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled,” said Ayman Essawy, co-founder and CEO of Connect Money.

According to Essawy, Connect Money has many use cases in various fields, including agriculture where, for example, supply chain companies can provide white label cards and become banks for farmers.

“Basically, the whole value proposition is about connecting these businesses to cash users. So we are talking about integrated finance as the main market,” she said.

The startup joins a handful of fintechs in Africa’s nascent BaaS space, including Nigeria’s Still and that of Kenya Pezesha who are making financial services easily accessible to the masses by enabling businesses to provide tailored financial services to their consumers.

“We’ve seen this at Amazon with payment services and many other digital platforms. We believe that even traditional companies are able to bank their customers and increase consumer stickiness, to eventually become real banks. This is what we are trying to build; a one-stop shop for traditional and digital businesses so they don’t have to build the infrastructure or invest millions in CapEx.”

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_______________________________________

_______________________________________

Related

Source