MoneyHash raises undisclosed amount in pre-seed round

MoneyHash, a new fintech firm based in Egypt, has announced the conclusion of a pre-seed round on Monday 7th of June, 2021. Though the firm did not announce the specific amount raised, it did indicate that COTU, a venture capital firm with a particular interest in pre-seed startups, led the funding round.

Also part of the round was Kepple Africa Ventures, Nigeria-based Ventures Platform, and other angel investors.

MoneyHash is in the process of building an API which it says will make it possible for businesses to access payment solutions and fintech services in the Middle East. Via this new feature, eCommerce vendors will be able to guarantee a smooth checkout process, while also keeping a well-consolidated database of users.

Founded in December 2020 by partners Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is operating a private beta mode at this time. The new funds raised will be applied towards a public launch, product improvement, and increasing the human capital of the firm.

The fintech and digital banking sectors have a key gap as regards unifying their data systems and payment integration, MoneyHash hopes to fill these gaps.