Start-Ups

Egypt’s Connect Money Secures $8 Million Seed Funding To Drive Expansion

Ayman Essawy, co-founder and Chief Executive Officer of Connect Money pointed to the importance of the seed money round stating that the company will grow quickly...

Egypt's Connect Money closes seed funding round of $8 million to support expansion
Ayman Essawy, Marwan Kenawy and Momtaz Moussa [PHOTO CREDIT: Disrupt Africa]

Connect Money, an Egyptian fintech start-up concludes its $8m seed funding round towards full implementation of a growth strategy. Egypt and Morocco are clear targets for the company to increase its already existing operations, push innovation throughout the company, upgrade technological integration, and enter new markets at a faster pace throughout Africa.

Connect Money was launched by Ayman Essawy, Marwan Kenawy and Momtaz Moussa in the year 2024. The company is a Card-as-a-Software company that offers white-label card issuing services that let enterprises extend debit and credit cards for their customers without the establishment of financial technology frameworks or acquisition of the necessary regulatory permits. These solutions comprise payment through digital means, instant funding as well as connectivity to over 20000 marketplace sellers. It also encompasses comprehensive support services including KYC verification, customer support, and mobile banking app development, and in doing so, provides flexible end-to-end software as a service payment solution that is beneficial to both the business as well as the customers.

Ayman Essawy, co-founder and Chief Executive Officer of Connect Money pointed to the importance of the seed money round stating that the company will grow quickly, and its role in the facilitation of financial enablement of organizations.

“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,” Mohamed Okasha, Managing Partner of Disruptech Ventures further stated.

Connect Money can now be added to the list of African fintech players in the Banking-as-a-Service (BaaS) industry in Nigeria which includes Anchor, Maplerad and Bloc. These firms are enhancing the provision of financial services while at the same time enabling organizational entities to provide individualized financial services to consumers to overcome the vice of poor financial access in the continent.

The Middle East & Africa BaaS market was valued at $66.14 billion in 2023, with total revenue expected to grow at a rate of 7.4% from 2024 to 2030, potentially reaching nearly $109.02 billion. Connect Money’s recent funding and expansion efforts place it in a strong position to capitalize on this growth trajectory and shape the future of fintech in the region.

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