Fintech
Egyptian Fintech Startup Connect Money Raises $8M in Seed Funding Round
Connect money, an Egypt-based fintech company, has raised $8 million in seed funding to support the launch of five new business verticals. Specializing in banking-as-a-service and integrated financial services, Connect Money’s white-label platform enables businesses to offer debit and credit cards to their consumers without the need to develop fintech infrastructure or obtain regulatory licenses.
The initial funding round was led by Algebra Enterprises AND Disruptech Enterprises. With this new funding, the startup will introduce five new business sectors to the North African market, strengthening its position as a reference platform for companies looking for simple banking solutions.
Connect Money is revolutionizing digital payments, fast funding and marketplace integration with its advanced solutions. Offering an innovative SaaS platform, Connect Money simplifies the payment process for both clients and consumers by managing everything from white-label card issuance and distribution to KYC procedures, customer support and mobile banking app development.
“We are immensely proud to announce the closing of our initial funding round, a testament to the trust and support shown by our investors: Disruptech Enterprises, Algebra Enterprises, Lorax Capital Partners, A stop, AND MDPThis significant initial investment underscores our hyper-growth potential as we strive to eliminate existing pain points for companies aiming to become financially enabled,” said Ayman Essawy, co-founder and CEO of Connect Money.
“We are proud to partner with Connect Money to revolutionize integrated finance in the MENA region. This investment underscores our dedication to supporting strong teams developing disruptive technologies for financial inclusion and digital transformation,” said Mohamed Okasha, managing partner at Disruptech Ventures. “Connect Money’s expertise, deep market knowledge, and advanced integrated technology will significantly improve accessibility and efficiency in financial services. This will benefit the fintech-enabled ecosystem and transform banking operations, positioning Egypt as a key export hub for integrated financial services.”
Having previously founded Dsquared in 2012 and Lucky ONE in 2019 with experienced partners Marwan Kenawy and Momtaz Moussa, Essawy is optimistic that improving the efficiency of non-financial institutions’ current operations and creating new revenue streams from banking services will accelerate their growth.