Grace Ashiru
Connect Money, a fintech company based in Egypt, has raised $8 million in seed funding to support the launch of five new business verticals. Specializing in banking as a service and embedded financial services, Connect Money’s white-label platform allows businesses to offer debit and credit cards to their consumers without the need for developing fintech infrastructure or obtaining regulatory licensing.
The seed funding round was led by Algebra Ventures and Disruptech Ventures. With this new funding, the startup will introduce five new business verticals to the North African market, reinforcing its position as the go-to platform for businesses seeking easy banking solutions.
Connect Money is revolutionizing digital payments, rapid financing, and marketplace integration with its advanced solutions. Offering an innovative SaaS platform, Connect Money simplifies the payment process for both clients and consumers by handling everything from white-label card issuance and distribution to 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 revolutionize embedded finance in the MENA region. This investment underscores our dedication to supporting strong teams that develop disruptive technologies for financial inclusion and digital transformation,” stated Mohamed Okasha, managing partner of Disruptech Ventures. “Connect Money’s expertise, profound market knowledge, and advanced integrated technology will significantly improve accessibility and efficiency in financial services. This will benefit the fintech-enabled ecosystem and transform banking operations, positioning Egypt as a key hub for exporting embedded finance services.”
Having previously founded Dsquares in 2012 and Lucky ONE in 2019 with experienced partners Marwan Kenawy and Momtaz Moussa, Essawy is optimistic that enhancing the efficiency of non-financial institutions’ current operations and creating new revenue streams from banking services will accelerate their growth.
