MoneyHash Secures $5.2M to Revolutionize Payment Services Across MENA

As businesses expand their online presence, payment orchestration becomes crucial for managing multiple payment processors. Companies often face challenges when integrating various payment solutions to meet diverse customer needs and regulatory requirements. This is where innovative platforms like MoneyHash come into play, streamlining the payment process for merchants across the Middle East and Africa.

MoneyHash Secures $5.2 Million to Enhance Payment Solutions

MoneyHash, a fintech startup from Egypt, has successfully raised $5.2 million in a pre-Series A funding round. This investment comes just a year after their previous funding of $4.5 million in February 2024. With a total of over $12 million raised since its inception in early 2021 by founders Nader Abdelrazik and Mustafa Eid, MoneyHash is poised to scale its operations and target larger enterprises.

The Importance of Payment Orchestration

MoneyHash operates in the payment orchestration space, a vital area for businesses that often juggle multiple payment providers. The challenges of integrating various payment systems can lead to operational inefficiencies and technical complexities. This is particularly pronounced in regions like Africa and the Middle East, where diverse payment methods and currencies are prevalent.

• High Payment Failure Rates: Payment failures in the region are three times higher than the global average.
• Cart Abandonment: Cart abandonment rates exceed 20% compared to developed markets.
• Operational Costs: Without orchestration, merchants face high operational costs and revenue leakage.

Innovative Features of MoneyHash

MoneyHash offers a range of features designed to simplify payment processes for merchants, including:

• Unified API for pay-in and pay-out operations
• Customizable checkout solutions
• Advanced transaction routing with fraud prevention
• Failure rate optimization
• Detailed reporting tools
• Support for recurring payments and subscription management

By integrating with over 300 pre-integrated APIs from local and international payment processors like Adyen, Stripe, and Amazon Pay, MoneyHash provides a comprehensive solution for businesses operating in over 100 markets.

Targeting Larger Enterprises

Initially focused on small merchants, MoneyHash has shifted its strategy to include larger enterprises, launching an enterprise suite in early 2024. This strategic pivot has led to a significant increase in clientele, with enterprises now representing 35% of their customer base, a threefold growth since last year.

Key clients include:

• BNPL unicorn Tamara
• Cloud kitchen leader Kitopi
• E-commerce platform Brands For Less

Funding and Future Prospects

The pre-Series A funding round was led by Flourish Ventures, with participation from Saudi’s Vision Ventures, Arab Bank’s Xelerate, and Emurp Kepple Ventures. Noteworthy investors also include Jason Gardner, a prominent figure in the fintech space.

CEO Abdelrazik emphasizes the potential for growth in the digital payments sector, especially in emerging markets. He believes that MoneyHash can transform payment challenges into strategic advantages for merchants, significantly enhancing their operational efficiency and revenue generation.

For businesses looking to streamline their payment processes, platforms like MoneyHash offer invaluable solutions that can lead to improved performance metrics across the payment lifecycle. As digital payments continue to evolve, the demand for effective payment orchestration solutions will undoubtedly grow.

For more information on how MoneyHash can assist your business, visit their official website.