{"id":626182,"date":"2024-06-26T00:00:00","date_gmt":"2024-06-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/26\/connect-money-secures-usd-8-mn-in-seed-funding-to-expand-its-range-of-banking-services-in-north-africa\/"},"modified":"2024-06-26T00:00:00","modified_gmt":"2024-06-26T00:00:00","slug":"connect-money-secures-usd-8-mn-in-seed-funding-to-expand-its-range-of-banking-services-in-north-africa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/26\/connect-money-secures-usd-8-mn-in-seed-funding-to-expand-its-range-of-banking-services-in-north-africa\/","title":{"rendered":"Connect Money secures USD 8 mn in seed funding to expand its range of banking services in North Africa"},"content":{"rendered":"

Connect Money lives up to its name by attracting USD 8 mn in seed funding led by local investors:<\/strong> Local banking services provider Connect Money<\/a> has raised USD 8 mn in a seed funding round led by local fintech- and tech-focussed VCs Disruptech Ventures and Algebra Ventures, according to a statement (pdf)<\/a> from the startup. Egypt-focussed private equity firm Lorax Capital Partners, OneStop Capital, and MDP also took part in the funding round.<\/p>\n

Where are the funds going? <\/strong>The funds will be used to launch five new business verticals in North Africa that will be announced individually that the startup thinks will help it emerge as \u201cthe go-to platform for businesses seeking seamless banking services.\u201d<\/p>\n

Connect Money?<\/strong> Founded in 2023, Connect Money helps businesses give their customers debit and credit cards without having to build their own financial technology or get special licenses from the gov\u2019t. They issue debit and credit cards, offer digital payment and financing tools, and connect businesses with a large network of over 20k marketplace partners. To date, 300k cards have been issued by the firm. <\/p>\n

What investors see in the startup: \u201c<\/strong>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,\u201d said Disruptech Ventures Managing Partner Mohamed Okasha.<\/p>\n

Want to hear more about one of its co-founders?<\/strong> Enterprise interviewed triple-entrepreneur Ayman Essawy for our Founder of the Week<\/a> column in EnterprisePM Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

The funding round was led by Disruptech Ventures and Algebra Ventures, with investment also from Lorax Capital Partners, One Stop, and MDP<\/p>\n","protected":false},"author":1,"featured_media":626183,"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":[72,95],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"0b008637-2e4b-450b-9db1-8456f99ceee9","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1621.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian fintech Connect Money secures USD 8 mn in seed funding to expand its range of banking services in North Africa","related_issue":[626170],"teaser":"The funding round was led by Disruptech Ventures and Algebra Ventures, with investment also from Lorax Capital Partners, One Stop, and MDP","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.fbc4b765-ca9f-41f3-bcab-3e8906bfa830.mp3"},"yoast_head":"\nConnect Money secures USD 8 mn in seed funding to expand its range of banking services in North Africa - 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