Egypt’s Connect Money, a banking-as-a-service fintech company specializing in embedded finance services, has successfully closed a seed funding round worth US$8 million to support the launch of 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 advanced solutions include digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Connect Money provides end-to-end support, including white-labeled card issuance, distribution, KYC, customer support, and mobile banking app development. This simplifies the payment experience for clients and their customers through a unique SaaS offering.
The US$8 million seed round was led by Disruptech Ventures and Algebra Ventures. The funding will be used to launch five new business verticals, which will be announced separately in North African markets, positioning Connect Money 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.
Read also: Egyptian fintech startup Sahl secures $6 million to become a one-stop shop for financial services.
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 to accelerate their growth by increasing efficiencies in their operations and generating new revenue streams from banking services.
“We are proud to partner with Connect Money to revolutionize 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. He continued, “Connect Money’s expertise, deep market knowledge, and cutting-edge integrated tech will greatly enhance accessibility and efficiency in financial services. Consequently, this will benefit the fintech-enabled ecosystem and transform banking operations. Furthermore, it will position Egypt as a valuable hub for exporting embedded finance services.”
