Connect Money Secures $8 Million Seed Funding
The investment was led by venture capital firms Disruptech Ventures and Algebra Ventures.
Egypt-based fintech Connect Money has completed an $8 million seed funding round. The investment was led by venture capital firms Disruptech Ventures and Algebra Ventures.[1]
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Founded in 2024 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money offers a white-label card-issuing platform. This platform enables businesses to provide their customers with debit and credit cards without the need to develop fintech infrastructure or obtain regulatory licensing. The company's solutions include digital payments, instant financing, and access to a network of over 20,000 marketplace partners.
They also provide end-to-end support, including card issuance, distribution, KYC, customer support, and mobile banking app development, all through a unique SaaS offering.
The newly secured funding will allow Connect Money to launch five new business verticals in North African markets. The company plans to expand its presence in existing markets such as Egypt and Morocco, enhance its technology capabilities, and accelerate its entry into new markets with a focus on Africa.
A report by Magnitt revealed that the fintech sector in Egypt underwent a notable decrease in venture debt funding by 86% YoY, as only $4 million was invested in Egyptian fintech startups.
Fintech startups absorbed 79% of the total venture debt lending in the MENA region in 2023.
Any Egyptian fintech startup willing to engage in non-banking financing activities should have a minimum capital requirement of EGP 15 million.