MoneyHash, an Egypt and U.S.-based payment company has secured $3 million in pre-seed funding to build super-API for payment orchestration and revenue operations expected to solve problems around operational inefficiencies and technicalities involved in integrating payment across Nigeria and across Africa.
While the startup’s clients cut across different industries in e-commerce, travel and tourism, remittances amongst others, it helps to integrate payment providers with a few clicks as well as embed a unified checkout system and access micro-services like routing, subscription management and invoicing on the platform.
The newly secured fund is an extension of an undisclosed six-figure raised last June from investors; Ventures Platform, Kepple Africa Ventures, LoftyInc Capital and COTU Ventures.
The fund was led by the middle eastern early-stage fund and also saw participation from previous backers in the initial pre-seed round alongside others like VentureSouq, VentureFriends, The Continent Venture Partners and First Check Africa. Similarly, angel investors in this round include NerdWallet’s Tim Chen, Jake Gibson and Belvo’s Oriol Tintore.
In addition to offering its infrastructure as an extension of companies’ product backend which serves as moneyHash’s connection to the entire payment ecosystem in the markets they operate, the company said it will use the fund to facilitate its growth in the Middle East and Africa by expanding its teams as well as hire mid-level and senior software engineers.
Nader Abdelrazik, CEO of MoneyHash said, “The idea of the super-API is that you consolidate the different payment accounts and build all of these features on top of it. MoneyHash becomes this one-stop-shop product, or payments stack that you put in your product and manage all of these different integrations and checkout experience in each of the African and Middle Eastern countries and have all your information on one dashboard.”
What you should know about MoneyHash
- MoneyHash was founded in Egypt by Nader Abdelrazik, Mustafa Eid and Anisha Sekar and allows 17 companies to use its sandbox environment to connect with its API and access payments gateways such as Fawry, Paymob and PayTabs.
- The startup intends to work with payment gateway in the Middle East and North Africa post-beta such as; Checkout, Stripe, Ayden, Amazon Pay, Tap and ValU whilst also integrating payment providers in sub-Saharan Africa like Yoco, Paystack and Flutterwave.
