Fintech startup Connect Money from Egypt successfully secures $8 million in seed funding for their embedded finance platform.
Egyptian fintech startup Connect Money has secured $8 million in a seed funding round, which will be used to fuel innovation, enhance technology capabilities, and expand their services. The round was led by Disruptech Ventures, Algebra Ventures, and Lorax Capital Partners, with participation from One Stop and MDP.
Connect Money's platform offers end-to-end managed services, including card issuance and distribution, KYC management, customer support, fraud monitoring, mobile banking app development, and installments operations management. The platform supports multiple card schemes, including Visa, Mastercard, and Meeza.
To date, Connect Money has issued over 300,000 cards. The company's white-label card issuing platform enables businesses to provide debit and credit cards without building their own fintech infrastructure or obtaining regulatory licensing.
Ayman Essawy, Co-founder and CEO of Connect Money, commented on the funding, saying, "We are thrilled to have the support of such esteemed investors as we continue to grow and expand our services. This funding will allow us to accelerate new market entries, with a primary focus on Africa."
Mohamed Okasha, Managing Partner of Disruptech Ventures, stated his views on the partnership, saying, "Connect Money is a game-changer in the fintech space, and we are excited to be a part of their journey. Their innovative approach to card issuing and their focus on emerging markets make them a compelling investment."
Omar Khashaba, General Partner at Algebra Ventures, expressed his excitement about backing Connect Money, saying, "We believe in Connect Money's vision to democratize access to financial services, and we are proud to support them as they continue to grow and expand."
In addition to Connect Money, two other notable startups operating in the space in the Middle East are NymCard and SimpliFi. NymCard has raised over $35 million in total financing to date.
Connect Money was founded in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa. The company plans to continue its growth in existing markets such as Egypt and Morocco, and it is expected that they will reveal more details about their plans for the new business verticals they intend to launch across Africa and the Middle East in the near future.
However, the specific details about the five new business verticals Connect Money plans to launch have not been made publicly available at this time. To obtain this information, you may need to refer to an official announcement or press release directly from Connect Money or trusted fintech news sources specializing in Egyptian startups.
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