Renowned venture capital firms Disruptech Ventures and Algebra Ventures led the $8 million seed funding round for Connect Money, a fintech startup that is rapidly growing and specializing in embedded finance services.
With Connect Money’s all-inclusive white-label card issuing platform, companies can offer debit and credit cards to their clients without having to build out fintech infrastructure or apply for regulatory approval. Their cutting-edge offerings include instantaneous financing, digital payments, and connection to a network of more than 20,000 marketplace partners. Through a special SaaS offering, the company offers end-to-end support, including white-labeled card issuance, distribution, KYC, customer support, and mobile banking app development, all while streamlining the payments process for its clients and their clients’ customers.
Connect Money will become the go-to platform for companies looking for seamless banking services thanks to this round, which will allow it to introduce five new business verticals in North African markets that will be disclosed separately.
“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.
Essawy, who co-founded Lucky ONE (2019) and Dsquares (2012) with seasoned entrepreneurs Marwan Kenawy and Momtaz Moussa, is hopeful that he will help non-financial institutions accelerate their growth by bringing more efficiencies to their current operations and creating new revenue streams from banking services.
Mohamed Sadek, Managing Partner at Lorax Capital Partners, highlighted, “We are excited to partner for the third time with the founders of Connect Money in their latest venture in the Banking-as-a-Service space. We believe there is a strong need for the Connect solution in the region and beyond. This makes us extremely bullish on its prospects in transforming how numerous businesses deal with their customers, suppliers, and merchants.”
With a primary focus on Africa, this funding round will be used to support Connect Money’s expansion into new markets while also fostering innovation and cutting-edge technological capabilities in already-established markets like Egypt and Morocco.
