Egyptian fintech startup, Connect Money, has successfully closed a seed funding round, raising $8 million to bolster its expansion efforts in Egypt and Morocco. The funding round was co-led by DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners, with additional support from One Stop Capital and MDP.
Founded with a vision to simplify financial services, Connect Money plans to launch five new business verticals across North African markets. These initiatives aim to position the startup as a leading provider of seamless banking solutions, empowering businesses to offer debit and credit card services without the need for extensive fintech infrastructure.
Ayman Essawy, Co-founder and CEO of Connect Money, emphasized the funding’s significance in driving innovation and enhancing financial accessibility. He highlighted the startup’s commitment to transforming banking operations in the region, leveraging cutting-edge technology to meet evolving market demands.
Connect Money’s expansion comes amidst a growing trend in the Middle East & Africa Banking-as-a-Service (BaaS) sector, projected to reach nearly $109.02 billion by 2030. The startup’s strategic focus on North Africa reflects its ambition to tap into new markets while solidifying its presence in Egypt and Morocco.
Philips Babatunde