TechInAfrica – The fintech firm MoneyHash based in Egypt, released a statement back on 7 June about an undisclosed pre-seed investment by COTU Ventures, Kepple Africa Ventures, and other angel investors.
According to the startup founded last year by Abdelrazik, Mustafa Eid, and Anisha Sekar, the funding will be distributed for technology development, expansion, and launch of new services.
Now MoneyHash is busy preparing a super Application Programming Interface (API) for payment and fintech solutions, which is slated to be released at the end of 2021 in the Middle East and North Africa (MENA) countries.
Abdelrazik explains that the fastest-growing regions like Middle East & Africa face devastating technical and operational hassle, such as building a separate connection with each service provider while providing a unified experience for their customers.
“This results in a complicated tech stack wasting valuable resources with increased vulnerabilities to errors, fraud, and technical debt,” he continues.
“MoneyHash’s technology abstracts the complexities of this fragmented market and allows businesses to scale and grow with a complete focus on their product, and without compromising security and efficiency.”
CPO Sekar tells how the customers’ experience would be different from the solution the startup offers, With a unified checkout experience powered by a single API integration, businesses throughout MENA can instantly access the providers and products they need to grow.
“We increase speed to market and save weeks of effort upfront, and with a complete view of the revenue stack, we provide insights, automation, and smart routing to save time and money in the long term. Our mission is to build an efficient, secure, comprehensive solution that helps rather than hinders growing businesses.”