Egyptian Fintech Connect Money Secures $8 Million Seed Funding to Launch New Business Verticals

Connect Money, an Egyptian fintech company specializing in banking-as-a-service and embedded finance solutions, has successfully secured $8 million in a seed funding round. This funding will support the launch of five new business verticals.

The $8 million seed round was led by Disruptech Ventures and Algebra Ventures. The funds will be used to introduce five new business verticals, which will be announced separately, targeting North African markets and positioning Connect Money as the premier platform for businesses seeking seamless banking services.

Ayman Essawy, co-founder and CEO of Connect Money, expressed his pride in closing the seed funding round and highlighted the strong support from investors such as Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP. He emphasized that this significant investment validates Connect Money’s potential for rapid growth as they work to eliminate existing challenges for businesses aiming to become financially empowered.

Connect Money provides a robust white-label card issuing platform that allows businesses to offer debit and credit cards to their customers without the need for developing their own fintech infrastructure or obtaining regulatory licenses. Their advanced solutions include digital payments, instant financing, and access to a network of over 20,000 marketplace partners.

Launched early this year, the fintech is now plotting growth within and outside Egypt, including in markets like Morocco and Kenya, backed by $8 million seed funding from a round co-led by Egypt-based VCs DisrupTech Ventures, Algebra Ventures and Lorax Capital Partners, with participation from One Stop Capital and MDP.