Connect Money, a banking-as-a-service fintech firm based in Egypt, has secured US$8m in seed funding to assist it in the establishment of five new business lines.
Connect Money provides an all-in-one white-label card issuing solution, allowing businesses to issue debit and credit cards to their customers without creating a fintech infrastructure or getting licensing.
The features offered by the startup include digital payments, instant financing, and a network of over 20,000 marketplace partners. Connect Money fulfils all associated processes such as card production and delivery, KYC, customer support, and the development of the impeccable mobile banking app for cardholders as well as payments SaaS for themselves and their customers.
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Connect Money secured its initial funding of US$8 million in the seed round backed by Disruptech Ventures and Algebra Ventures and this fund will be utilized by the startup to unveil five new business segments in various North African markets that will be disclosed separately and become the preferred online platform used by businesses that require efficient banking solutions.
“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.” said Ayman Essawy, co-founder and CEO of Connect Money.
“This significant seed investment underscores our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled.”
Having previously founded Dsquares in 2012, and Lucky ONE in 2019 with other experienced co-founders Marwan Kenawy and Momtaz Moussa, Essawy is confident to help non-financial institutions boost their growth, their existing operations’ efficiency, and create new income streams from banking services.
“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.” said Mohamed Okasha, managing partner of Disruptech Ventures.
