Egypt’s MoneyHash secures $4.5m investment to boost payment plan for MENA merchants

In the payment landscape of the Middle East and Africa (MEA), MoneyHash has successfully raised $4.5 million in funding for its payment orchestration platform tailored for merchants in the region. MEA faces challenges like payment fraud, low checkout conversions, and high transaction failure rates due to its fragmented payment ecosystem and evolving regulations.

Despite the accelerated adoption of digital payments during the COVID-19 pandemic, inadequate infrastructure development remains a hurdle. MoneyHash aims to address this by leveraging its seed investment to enhance technology and fuel regional growth, building on its $3.5 million pre-seed funding secured two years ago.

Nader Abdelrazik, MoneyHash’s CEO, emphasizes the uniqueness of their position, with 10% of all MEA payments being digital. While foreseeing a growth phase, he acknowledges the challenges ahead, emphasizing the need for patience and continuous learning in navigating the burgeoning payments market.