Fintech Startup MoneyHash Gains Global Funding for Middle East and Africa Payments Platform

Headquartered in New York City, MoneyHash is on a mission to simplify and optimize payments across the rapidly growing markets of the Middle East and Africa (MEA). In these regions, payment infrastructure has often been underdeveloped and fragmented.

With its just closed $5.2 million pre-A funding round, the FinTech startup aims to expand its regional footprint while laying the groundwork for future global growth. Flourish Ventures, a global FinTech investor known for backing major players like Chime and FlutterWave, led the round, while new investors include Saudi Arabia’s Vision Ventures, Arab Bank Venture Capital, and Emurgo Kepple Ventures.

Notably, the round saw participation from Jason Gardner, founder and former CEO of Marqeta, who made this investment his first in the MEA region. Continued support from previous backers includes COTU, RZM Capital, and Github founder Tom Preston-Werner.

Addressing the Complexities of Payments in Emerging Markets

Lack of standardization and integration plagues the payments ecosystem in emerging markets, particularly in MEA, resulting in high operational costs, revenue leakage, and challenges in scaling operations across borders. In addition, high fraud rates, cart abandonment, and failed transactions are three times more likely to occur when compared to global averages.

“Payments infrastructure remains significantly underdeveloped in emerging markets, with failure rates three times the global average. Fraud rates and cart abandonment are over 20% higher than in developed markets,” says Nader Abdelrazik , co-founder and CEO of MoneyHash. “These issues often transform payments from a growth enabler into a cost and risk center for businesses. We built MoneyHash to help merchants overcome these challenges, turning payments into a strategic advantage rather than a liability.”

The company believes that the future of payments in these markets is highly promising, with digital payments still representing only a fraction of total transaction volumes. According to MoneyHash, this shows significant growth potential in the coming decade, positioning the company to play a pivotal role in transforming payments systems across MEA and beyond.

A Comprehensive Payment Platform for Growth

MoneyHash offers a powerful payments orchestration platform that integrates seamlessly with existing payment providers, allowing merchants to optimize their payment performance. The platform is designed with emerging markets in mind and addresses unique challenges such as fragmented solutions and high failure rates. With over 300 pre-integrated APIs that connect to payment service providers across more than 100 markets, MoneyHash provides businesses with a unified suite of tools that improve transaction routing, fraud prevention, and failure rate optimization.

“Rather than letting merchants struggle with fragmented payment solutions, we provide a unified suite that elevates all payment performance metrics,” says Maram Alikaj , Chief Operating Officer of MoneyHash. “This product is specifically built for emerging markets, combining extensive integrations with tailored features that help businesses scale operations with confidence.”

MoneyHash’s platform includes a range of functionalities such as a unified API for both pay-in and pay-out operations, customizable checkout experiences, and sophisticated fraud prevention measures. The platform also offers advanced features like recurring payments, virtual wallets, and subscription management tools, designed to enhance both merchant and consumer experiences.

According to MoneyHash, its solution can help businesses increase revenue by 10-20% while reducing go-to-market and development costs by up to 90%. These metrics are a testament to the platform’s effectiveness in streamlining payments and maximizing business potential.

Rapid Growth and Strategic Partnerships

Since its inception in early 2021 by Anisha Sekar , Nader Abdelrazik and Mustafa Eid , MoneyHash has rapidly emerged as a leader in the payment orchestration space. With a product tailored to the complexities of the MEA region, the company quickly gained traction among prominent enterprises.

Notable adopters of the platform include Tamara, Saudi Arabia’s first unicorn in fintech; Kitopi, the cloud kitchen revolutionizing global food services; and Brands For Less, a key player in global e-commerce.

MoneyHash’s strategic focus on large enterprise clients has resulted in significant growth, with its enterprise segment now making up over 35% of its client base—a threefold expansion in 2024 alone. The company saw a remarkable fourfold increase in processing volume throughout 2024, cementing its position as a preferred solution for businesses looking to optimize payment operations in the region.

Looking Toward the Future

With this latest round of funding, MoneyHash plans to expand its operations across MEA and eventually into other emerging markets. The company’s goal is to develop its product while enhancing its ability to serve a growing customer base in a rapidly changing financial landscape.

“Strengthening our capital table capabilities is as crucial as enhancing our business and product offerings,” says Abdelrazik. “In our early years, we focused on partnering with strong regional investors to accelerate our market penetration. Now, with Flourish Ventures on board, we are laying the foundation for global expansion. Their deep expertise in fintech will be invaluable as we enter our next phase of growth.”

Ameya Upadhyay , an investor who joined MoneyHash’s board of directors, adds, “MoneyHash has built a must-have product for enterprises that delivers better payment performance and higher margins from day one. The team’s deep payment experience and obsessive customer focus position them to emerge as a leader across emerging markets, starting with MEA.”

As the use of MoneyHash’s payment orchestration platform continues to expand and evolve, its ability to streamline payments in emerging markets will play a key role in driving the region’s digital economy forward.