Financing bolstered for Egyptian fintech startup, Connect Money, amounting to $8 million in a recent seed funding round
Connect Money, a fintech company based in Egypt, has raised $8 million in a seed funding round. The funding round, led by Algebra Ventures and Disruptech Ventures, also received support from Lorax Capital Partners, One Stop, and MDP.
The startup specializes in banking as a service and embedded financial services, simplifying the payment process for clients and consumers by handling KYC procedures, customer support, and mobile banking app development. With this funding, Connect Money aims to introduce five new business verticals to the North African market.
Ayman Essawy, co-founder and CEO of Connect Money, expressed pride in the successful funding round. He is optimistic about the potential growth of non-financial institutions through enhanced operational efficiency and new revenue streams from banking services.
Egypt is poised to become a key hub for exporting embedded finance services, according to the statement. The benefits of Connect Money's services will extend to the fintech-enabled ecosystem and transform banking operations in Egypt. Mohamed Okasha, managing partner of Disruptech Ventures, expressed support for Connect Money's mission to revolutionize embedded finance in the MENA region.
Disruptech Ventures, along with other investors, view this investment as a demonstration of their commitment to financial inclusion and digital transformation. The significant seed investment underscores Connect Money's hyper-growth potential.
Ayman Essawy, along with partners Marwan Kenawy and Momtaz Moussa, previously founded Dsquares in 2012 and Lucky ONE in 2019. Connect Money offers a white-label platform allowing businesses to issue debit and credit cards without fintech infrastructure or regulatory licensing.
The startup is revolutionizing digital payments, rapid financing, and marketplace integration. Connect Money's expertise, market knowledge, and advanced technology are expected to significantly improve accessibility and efficiency in financial services.
The news of Connect Money's success comes as Egypt positions itself to become a key player in the global digital economy. The company's innovative approach to embedded finance is expected to drive growth and innovation in the North African market.
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