Egyptian fintech company Connect Money has secured $8 million in a seed funding round, positioning itself as a leader in North African embedded finance. The round was led by prominent venture capital firms Disruptech Ventures and Algebra Ventures, with participation from Lorax Capital Partners, One Stop Capital, and MDP.
Focus on Growth and Innovation
Connect Money offers a white-label card issuing platform, enabling businesses to provide financial services like debit and credit cards without the burden of building their own infrastructure or navigating regulatory hurdles. Their comprehensive solution includes digital payments, instant financing, and access to a vast network of partners. This unique SaaS offering simplifies the payments experience for both businesses and their customers.
The funding will fuel Connect Money’s expansion plans. They aim to launch five new business verticals across North Africa, further solidifying their position as the go-to platform for seamless banking solutions. Additionally, the investment will support continued growth in existing markets like Egypt and Morocco.
Industry Expertise and Strong Leadership
Connect Money’s leadership team boasts extensive experience. Co-founder and CEO Ayman Essawy, a serial entrepreneur with successful ventures like Dsquares (2012) and Lucky ONE (2019), leads the company alongside co-founders Marwan Kenawy and Momtaz Moussa. Essawy envisions Connect Money as a catalyst for non-financial institutions, enabling them to streamline operations, generate new revenue streams, and achieve significant growth.
Investor Confidence in Disruptive Technology
Investors are impressed with Connect Money’s potential. Mohamed Okasha, Managing Partner of Disruptech Ventures, emphasises their commitment to supporting innovative fintech solutions that promote financial inclusion and digital transformation in the MENA region. He believes Connect Money’s expertise, market knowledge, and cutting-edge technology will significantly enhance financial accessibility and efficiency. He further highlights the potential for Connect Money to transform banking operations, position Egypt as a hub for embedded finance services, and benefit the broader fintech ecosystem.
Backing a Proven Entrepreneur
Omar Khashaba, General Partner at Algebra Ventures, applauds Ayman Essawy’s track record of building successful startups. Having supported Essawy’s previous ventures, Algebra Ventures is excited to back him again as he tackles the critical challenge of bridging the fintech infrastructure gap in the region. Khashaba emphasises the ease with which Connect Money empowers companies to issue cards without the complexities of building infrastructure, obtaining regulatory approvals, or partnering with banks.
Addressing a Regional Need
Mohamed Sadek, Managing Partner at Lorax Capital Partners, highlights the strong regional and global need for Connect Money’s solution. He believes the company has the potential to revolutionise how businesses manage interactions with customers, suppliers, and merchants.
