Local fintech startup MoneyHash raised USD 5.2 mn in a pre-Series A funding round, according to a statement. Fintech-focused VC Flourish Ventures led the round, which also saw participation from Saudi Arabia’s Vision Ventures, Arab Bank’s Xelerate, Emurgo Kepple Ventures, and existing investors UAE’s COTU Ventures and Saudi’s RZM Investment.

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MoneyHash? The US-based company’s unified platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard. It promises to increase revenues by up to 20% and decrease go-to-market and development costs by 90%. It was founded in 2021 and in 2022 it launched its payments aggregator platform.

Where will the money go? The startup will use the fresh funds to accelerate market penetration in the MEA region and for global expansion into other emerging markets where payment infrastructure remains underdeveloped, whilst keeping its enterprise go-to-market motions, CEO Nader Abdelrazik told EnterpriseAM.

Setting the stage for future growth plans: Becoming a Flourish Ventures portfolio company “is particularly crucial for “MoneyHash’s next phase of growth … establishing a solid foundation for global expansion,” Abdelrazik said. Flourish Ventures’ Ameya Upadhyay (LinkedIn) will join MoneyHash’s board of directors, bringing along his experience as an early-stage investor of understanding the “massive” growth potential some startups have — “The team’s deep payment experience and obsessive customer focus positions them to emerge as a leader across emerging markets, starting with MEA,” he said.

Southeast Asia is MoneyHash’s next target market for expansion, Abdelrazik told us. The startup stepped into the Saudi market last year shortly after closing a USD 4.5 mn round.

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