MoneyHash, a payment orchestration platform focused on the Middle East and Africa (MEA), has raised $5.2 million in a pre-Series A round led by Flourish Ventures, with participation from Vision Ventures, Arab Bank’s Xelerate, and Emurgo Kepple Ventures, it announced in a statement today. The round also saw participation from Marqeta founder Jason Gardner in his first MEA investment, along with existing investors COTU, RZM Investment, and Github founder Tom Preston-Werner.
Founded in early 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash offers a comprehensive payment operating system built specifically for emerging markets. The startup, which previously raised $4.5 million in early 2024, has seen significant growth with its processing volume increasing 4x throughout 2024.
The New York-headquartered startup has gained notable traction among enterprise clients, which now make up over 35 percent of its customer base – representing a threefold expansion in 2024. Some of its prominent clients include Saudi’s first unicorn Tamara, cloud kitchen operator Kitopi, and e-commerce player Brands For Less.
Nader Abdelrazik, co-founder and CEO of MoneyHash, said, “In emerging markets, payment infrastructure remains significantly underdeveloped, with failure rates three times the global average and fraud rates and cart abandonment over 20% higher than developed markets. The opportunity to solve this is immense. We’ve built MoneyHash specifically to help merchants overcome these complex challenges and turn payments from a liability into a strategic advantage.”
The platform integrates with merchants’ existing payment providers while offering features like a unified API for pay-in and pay-out operations, customizable checkout experience, transaction routing with fraud prevention, and comprehensive reporting tools. According to the company, its solution promises a 10-15 percent increase in revenue generation and a 90 percent decrease in go-to-market and development costs.
Ameya Upadhyay, Venture Partner at Flourish Ventures, who will be joining MoneyHash’s board of directors, commented, “MoneyHash has built a must-have product for enterprises that delivers better payment performance and higher margins from day one. The team’s deep payment experience and obsessive customer focus positions them to emerge as a leader across Emerging Markets, starting with MEA.”
MoneyHash, which currently employs 30 professionals across nine countries, plans to use the latest funds to accelerate its market penetration in the MEA region while preparing for expansion into additional emerging markets.
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