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Connect Money, a fintech company based in Egypt that specialises in banking as a service and embedded financial services, has raised $8 million in seed company to support the launch of five new business verticals.
Businesses can offer debit and credit cards to their consumers through Connect Money’s white-label platform, which eliminates the requirement for fintech infrastructure development and regulatory licencing.
The seed round of funding was led by Algebra Ventures and Disruptech Ventures. With this funding, the startup will launch five new business verticals in the North African market, solidifying its position as the platform that businesses turn to for easy banking.
Digital payments, rapid financing, and a network of more than 20,000 marketplace partners are all part of the cutting-edge solutions offered by the startup. With their innovative SaaS solution, Connect Money streamlines the payment process for both their clients and their consumers by taking care of everything from white-label card issuance and distribution to know-your-customer (KYC) procedures, customer support, and the development of mobile banking apps.
“We are immensely proud to announce the closure of our seed funding round, a testament to the confidence and support extended by our investors Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop and MDP. This significant seed investment underscores 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.
“We are proud to partner with Connect Money to revolutionise embedded finance in MENA. This investment demonstrates our commitment to supporting solid teams that build disruptive technologies for financial inclusion and digital transformation,” said Mohamed Okasha, managing partner of Disruptech Ventures. “Connect Money’s expertise, deep market knowledge, and cutting-edge integrated tech will greatly enhance accessibility and efficiency in financial services, benefiting the fintech-enabled ecosystem and transforming banking operations while positioning Egypt as a valuable hub for exporting embedded finance services.”
Having founded two previous companies, Dsquares (2012) and Lucky ONE (2019), with seasoned partners Marwan Kenawy and Momtaz Moussa, Essawy is hopeful that enhancing the efficiency of non-financial institutions’ current operations and creating new revenue streams from banking services will help them accelerate their growth.
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