Egypt’s Connect Money, a banking-as-a-service fintech company focused on embedded finance services, has closed a seed funding round worth US$8 million to help it launch five new business verticals.
Connect Money offers a comprehensive white-label card issuing platform that enables businesses to provide their customers with debit and credit cards without the need to develop fintech infrastructure or obtain regulatory licensing.
The startup’s state-of-the-art solutions encompass digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Connect Money provides end-to-end support, including white-labelled card issuance, distribution, KYC, customer support, and mobile banking app development, simplifying the payments experience for their clients and their customers all through a unique SaaS offering.
Connect Money’s US$8 million seed round was led by Disruptech Ventures and Algebra Ventures, and will be used by the startup to launch five new business verticals that will be announced separately in North African markets, emerging as the go-to platform for businesses seeking seamless banking services.
“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.
As a third-time founder, having built Dsquares (2012) and Lucky ONE (2019) along with veteran co-founders Marwan Kenawy and Momtaz Moussa, Essawy is optimistic about enabling non-financial institutions in accelerating their growth by feeding more efficiencies to their existing operations and generating new revenues streams from banking services.
“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.”
