{"id":582245,"date":"2023-03-05T00:00:00","date_gmt":"2023-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/crypto-platform-rain-throws-in-with-moneyhash-on-payments-plus-stv-is-fundraising-and-rayas-accelerator-inks-pact-with-giz\/"},"modified":"2023-03-05T00:00:00","modified_gmt":"2023-03-05T00:00:00","slug":"crypto-platform-rain-throws-in-with-moneyhash-on-payments-plus-stv-is-fundraising-and-rayas-accelerator-inks-pact-with-giz","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/crypto-platform-rain-throws-in-with-moneyhash-on-payments-plus-stv-is-fundraising-and-rayas-accelerator-inks-pact-with-giz\/","title":{"rendered":"Crypto platform Rain throws in with MoneyHash on payments. Plus: STV is fundraising and Raya\u2019s accelerator inks pact with GIZ"},"content":{"rendered":"

<\/p>\n

<\/p>\n

The latest from Planet Finance in our corner of the world <\/span>shows that crypto is still alive, that Saudi\u2019s VC ambitions haven\u2019t flagged \u2014 and that Raya Holding is pushing deeper into the accelerator space.<\/span><\/p>\n

RAIN + MONEYHASH<\/span><\/p>\n

Bahrain-based crypto platform <\/span>Rain<\/a><\/span> is partnering with fintech startup <\/span>MoneyHash<\/a><\/span> <\/span>to offer its customers more payment methods<\/span>, according to a <\/span>company statement (pdf)<\/a><\/span>. MoneyHash\u2019s API will allow Rain to add payment service providers and payment methods across the Middle East and Africa, the statement reads. The partnership will also help Rain improve its transaction success rate, reduce fraud, lower processing fees, and streamline its operations.<\/span><\/p>\n

About Rain:<\/span> Rain became the first fully licensed digital currency exchange in the region in <\/span>2019 <\/span>when <\/span>it obtained its license from the Central Bank of Bahrain. The company, which counts Egyptian Yehia Badawy among its four co-founders, <\/span>raised USD 110 mn<\/a><\/span> in series B finance in 2022, which it said it would use to expand overseas.<\/span><\/p>\n

About MoneyHash: <\/span>Founded by Egyptians Nader Abdelrazik and Mustafa Eid and American <\/span>Anisha Sekar in 2020, MoneyHash\u2019s payment aggregator platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard. The company <\/span>closed a USD 3 mn pre-seed round<\/a><\/span> last year. <\/span><\/p>\n

SAUDI\u2019S STV IS FUNDRAISING-<\/span><\/p>\n

STV is raising for its second fund: <\/span>Saudi venture capital firm <\/span>STV<\/a><\/span> is raising for its <\/span>second Middle East-based tech fund, COO Luca Barbie said in an interview with <\/span>Asharq Business<\/a><\/span>. <\/span>Barbie did not disclose the size of the second fund o<\/span>r say when it expects to reach first close.<\/span><\/p>\n

STV\u2019s<\/span> first fund will deploy USD 300 mn in existing portfolio firms:<\/span> The VC\u2019s first fund plans during the next year to m<\/span>ake follow-on investments<\/span> in five or six of the most promising 28 companies in its existing portfolio \u201cto cover the last mile before [we] exit,\u201d Barbie said. The investments will come <\/span>from the additional USD 300 mn STV injected into its first fund last October,<\/span> bringing the fund\u2019s total assets to USD 800 mn. <\/span><\/p>\n

That could mean more money for local firms:<\/span> Egyptian companies in STV\u2019s portfolio include healthcare and pharma <\/span>firm <\/span>Vezeeta<\/a><\/span> and <\/span>furniture marketplace <\/span>Homzmar<\/a><\/span>t<\/a><\/span>. <\/span><\/p>\n

A second fund has been in the works since 2021:<\/span> STV was in talks with<\/span> potential investors \u2014 including regional sovereign funds and international pension funds and endowments \u2014 t<\/span>o raise USD 1 bn for a second fund <\/span>back in October 2021<\/a><\/span>, Bloomberg reported at the time, ci<\/span>ting anonymous sources close to the company. <\/span><\/p>\n

RAYA ACCELERATOR INKS GERMAN PARTNERSHIP<\/span><\/p>\n

Raya Holding\u2019s accelerator, <\/span>FutureTECH<\/a><\/span>, inked an agreement with German development agency GIZ that will see them launch \u201cnew acceleration cycles<\/span>, hackathons, startup bridges, and other ecosystem-building programs\u201d through the GIZ <\/span>develoPPP program<\/a><\/span>, according to <\/span>a statement (pdf)<\/a><\/span>. <\/span><\/p>\n

What they said: <\/span>\u201cThe partnership with GIZ manifests a significant expansion for Raya<\/span><\/p>\n

FutureTECH that was previously only focused on start-ups providing advanced solutions that improve customer experience,\u201d Raya Holding CEO Ahmed Khalil said in the statement. \u201cToday, Raya FutureTECH is expanding to support start-ups operating in more industries,\u201d he said, without providing further details.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

MoneyHash\u2019s API will allow Rain to add payment service providers and payment methods across the Middle East and Africa.<\/p>\n","protected":false},"author":1,"featured_media":582246,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[344,72,8591,614,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-cryptocurrency","tag-enterpriseam","tag-giz","tag-raya-holding","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"7b08d9f2-a02a-429d-b006-93177d9fbc20","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/bitcoin-1600px.jpg","photo_position":"below","homepage_title":"Crypto platform Rain throws in with MoneyHash on payments","full_issue_title":"","related_issue":[582233],"teaser":"MoneyHash\u2019s API will allow Rain to add payment service providers and payment methods across the Middle East and Africa."},"yoast_head":"\nCrypto platform Rain throws in with MoneyHash on payments. 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The round will help scale operations, further build the technology, grow the team and incorporate AI and machine\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542839,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/bahrain-based-crypto-exchange-rain-raises-usd-110-mn-series-b\/","url_meta":{"origin":582245,"position":2},"title":"Bahrain-based crypto exchange Rain raises USD 110 mn series B","author":"enterpriseam admin","date":"19 January 2022","format":false,"excerpt":"Crypto platform Rain raises USD 110 mn series B: Bahrain\u2019s Rain Financial, the parent company of crypto trading platform Rain Management, has raised USD 110 mn in a series B funding round led by Paradigm and Kleiner Perkins, according to a company release. The round saw participation from Coinbase Ventures,\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/231.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566783,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/elmenus-closes-usd-10-mn-pre-series-c\/","url_meta":{"origin":582245,"position":3},"title":"Elmenus closes USD 10 mn pre-series C","author":"enterpriseam admin","date":"13 July 2021","format":false,"excerpt":"Our friends at homegrown food ordering platform Elmenus closed a USD 10 mn pre-series C funding round led by Fawry, Marakez, and Luxor Capital (in the latter\u2019s first-ever investment in MENA), according to Magnitt. Fawry\u2019s investment comes as it targets the country\u2019s large, fragmented restaurant industry. Elmenus will use the\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622123,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/27\/what-were-tracking-this-week-and-beyond-61\/","url_meta":{"origin":582245,"position":4},"title":"What we\u2019re tracking this week and beyond","author":"enterpriseam admin","date":"27 November 2018","format":false,"excerpt":"AUC\u2019s Business Forward Anniversary event takes place on Monday, 3 December at the New Cairo Campus\u2019 Moataz Al Alfi hall in celebration of the knowledge portal\u2019s launch one year ago. The event, headlined The DNA of Egypt\u2019s Economy: A Look forward, is a series of talks by a lineup of\u2026","rel":"","context":"In "Up Next"","block_context":{"text":"Up Next","link":"https:\/\/enterpriseam.com\/egypt\/category\/up-next\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559332,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/make-it-rain\/","url_meta":{"origin":582245,"position":5},"title":"Make it Rain","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"Crypto asset platform Rain raises USD 6 mn series A: Bahrain\u2019s Rain Financial, whose subsidiary Rain Management is the region\u2019s first fully licensed digital currency exchange, has raised USD 6 mn in a series A funding round led by Middle East Venture Partners with participation from Coinbase, Vision Ventures, CMT\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582245"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582245\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582246"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582245"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582245"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}