EGYPT – MoneyHash, Egyptian fintech startup, has launched its services across Africa after a successful launch in the MENA region earlier this year.
The startup announced a US$3 million pre-seed funding round in February as it emerged from beta, and has now expanded across Africa.
MoneyHash has now rolled out its product in Sub-Saharan Africa, starting with Nigeria, Kenya and South Africa—integrating providers like; Yoco, Paystack and Flutterwave.
Starting in Egypt, the company allowed 17 companies to use its sandbox environment to connect with its API and access payments gateways such as Fawry, Paymob and PayTabs.
As of February 2022, out of the 17 companies testing its sandbox for free, five were active and paying customers. MoneyHash charges these companies between US$150 and U$1,000 per month, depending on the number of payment providers they connect to. The platform also takes transaction fees that start at 10 cents and go down as payment volume increases.
MoneyHash has pre-built integrations with top PSPs covering over 90 payment method integrations across the region, and is adding more PSPs and methods on the go. The new launch includes adding PSPs across Nigeria, Kenya, South Africa, and multiple other markets across the continent.
“There is a lot of exciting growth when it comes to payment and fintech solutions emerging in the region to help businesses grow. But a missing piece of the puzzle is how businesses will adapt their existing solutions to this growth, and how we can move them to adoption without slowing them down,” Abdelrazik said.
“MoneyHash emerged as an operating system of payments to help businesses gain control and navigate the complexity of payments smoothly without hefty engineering and operational time and costs with every incremental decision.”
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash provides a unified checkout experience built on top of a secure super-API that aggregates payment and fintech solutions through a single integration, as well as a central dashboard consolidating technical infrastructure and centralising data and operational reporting.
MoneyHash’s commercial lead for Africa Isaac Umejiaku describes MoneyHash as the catalyst for growth in the African business ecosystem.
“Payments is a key element in any product, but it is not the product itself. We want African builders to focus on building awesome solutions for the continent, and to execute their vision without distractions,” he said.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
