Connect Money, an emerging fintech company specializing in banking-as-a-service (BaaS) with a focus on embedded finance, has recently concluded a successful seed funding round, securing $8 million. This financial milestone was achieved with the leadership of two notable venture capital entities, Disruptech Ventures and Algebra Ventures.
The company’s core offering is a robust white-label card issuing platform designed to empower businesses to issue their own branded debit and credit cards. This service is particularly valuable for companies that wish to offer financial services but lack the necessary fintech infrastructure or regulatory licenses.
Connect Money’s advanced platform includes features such as digital payment processing, immediate financing options, and a vast network of over 20,000 partners in their marketplace. They provide a comprehensive suite of services, including card issuance, distribution, regulatory compliance with Know Your Customer (KYC) procedures, customer support, and the development of mobile banking applications.
All these services are delivered through a unique Software as a Service (SaaS) model, streamlining the payment process for their clients and, in turn, for the end-users. The injection of seed capital will facilitate the launch of five new business verticals within the North African markets, positioning Connect Money as the preferred platform for businesses in need of integrated banking services.
Ayman Essawy, the Co-founder and CEO of Connect Money, expressed his pride in the successful funding round, acknowledging it as a reflection of the trust and backing from their investors, which include Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP. He emphasized the company’s rapid growth potential and its commitment to addressing the financial challenges faced by businesses seeking to offer financial services.
Essawy, a seasoned entrepreneur with previous successful ventures such as Dsquares (2012) and Lucky ONE (2019), co-founded with Marwan Kenawy and Momtaz Moussa, is confident in Connect Money’s ability to enhance the growth of non-financial institutions by streamlining their operations and creating new revenue opportunities through banking services.
Mohamed Okasha, Managing Partner of Disruptech Ventures, praised Connect Money’s potential to transform embedded finance in the MENA region. He highlighted the company’s proficiency, market insights, and sophisticated technology as key factors in improving the accessibility and efficiency of financial services, which will contribute to the fintech ecosystem and position Egypt as a significant exporter of embedded finance services.
Omar Khashaba, General Partner at Algebra Ventures, commended Ayman Essawy as an exceptional entrepreneur and expressed enthusiasm for supporting him again in addressing the fintech infrastructure gap in the region. Khashaba explained that Connect Money enables companies to issue cards without the complexities of building fintech systems, obtaining regulatory permissions, or partnering with banks, allowing them to concentrate on their primary business activities.
Mohamed Sadek, Managing Partner at Lorax Capital Partners, also expressed excitement about partnering with the founders of Connect Money for the third time, citing a strong market need for Connect Money’s solutions both regionally and internationally.
The funds raised will be channeled towards expanding Connect Money’s growth in existing markets like Egypt and Morocco, driving innovation, enhancing technological capabilities, and expediting the company’s entry into new markets, with a particular emphasis on Africa.
