Egyptian fintech startup Connect Money has successfully closed its seed funding round, raising $8 million to support its expansion efforts in Egypt and Morocco. The funding round was co-led by DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners, with participation from One Stop Capital and MDP.
This investment will enable Connect Money to launch five new business verticals across North African markets, aiming to become the go-to platform for businesses seeking seamless banking services. The fintech will focus on expanding its presence in current markets like Egypt and Morocco, fueling innovation, enhancing technological capabilities, and accelerating its entry into new markets, particularly in Africa.
Founded in 2024 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money offers a white-label card issuing platform. This platform allows businesses to offer debit and credit cards to their customers without needing to build fintech infrastructure or acquire regulatory licenses. The solutions include digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Additionally, the platform provides end-to-end support including KYC verification, customer support, and mobile banking app development, enhancing the payment experience for both clients and their customers through a unique SaaS offering.
Ayman Essawy, Co-founder and CEO of Connect Money, stated that the seed investment underscores the company’s rapid growth potential as it aims to eliminate existing pain points for businesses seeking to become financially enabled.
Mohamed Okasha, Managing Partner of DisrupTech Ventures, added, “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.”
Connect Money joins other fintech companies in Africa’s Banking-as-a-Service (BaaS) sector, such as Nigeria’s Anchor, Maplerad, and Bloc, which make financial services accessible to the masses. These companies empower businesses to offer personalized financial solutions to their customers, enhancing accessibility across the board.
The Middle East & Africa Banking-as-a-Service (BaaS) market size was valued at $66.14 billion in 2023, with total revenue expected to grow at 7.4% annually from 2024 to 2030, reaching nearly $109.02 billion.