US-headquartered Egyptian fintech startup MoneyHash has raised funding from GitHub co-founder, Tom Preston-Werner, as part of an undisclosed seed financing round soon-to-be-announced.
The investment marks Preston-Werner’s first investment in the Middle East and his second in the African market.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash’s mission is to empower medium to large businesses in emerging markets by simplifying the complexity of payment infrastructure, flows, and operations, giving them an unfair advantage to grow and expand their customer base.
The startup announced a US$3 million pre-seed funding round in February 2022 as it emerged from beta, and then swiftly launched its services across Africa. It is now in the process of securing a seed round, in which Preston-Werner, co-founder and former CEO of software development company GitHub, has invested.
When we met with Tom, Mustafa and I were just big fans who wanted to get some feedback and guidance from an entrepreneur we admire. It was very surprising and exciting to know his interest in investing in us and being an active partner in our journey. His positive feedback on the quality of our tech and the product-driven approach is a great testament to the team and their efforts over the last couple of years.
Nader Abdelrazik
Preston-Werner said he had been impressed with the technical quality and product vision of MoneyHash, and the founders’ deep understanding of the payment landscape in Africa and the Middle East.
This region is growing exponentially, and it is quite intuitive to bid on infrastructure products built by quality teams. Nader and his team attracted a fantastic group of tech talent, and I am excited to join their journey.
Preston-Werner
