Egypt-based MoneyHash, a leading payment orchestration platform serving both emerging and global markets, has announced a strategic partnership with Spare, a prominent open banking infrastructure provider operating across the GCC in full compliance with regional regulatory frameworks. This collaboration is set to empower merchants in the UAE to offer Pay By Bank solutions, representing a major milestone in modernizing payment experiences within the region.
Founded in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has developed a proprietary payment orchestration platform alongside a comprehensive end-to-end payment operating system. After a successful beta launch in 2022—where it attracted notable regional players such as Foodics, Rain, and Tamatem—the company introduced its enterprise suite in October 2023, tailored specifically for large-scale businesses seeking advanced payment capabilities.
Earlier in 2024, MoneyHash secured US$5.2 million in pre-Series A funding, fueling its ambitious global expansion plans. The company has since finalized multiple agreements with partners in Saudi Arabia and is now accelerating its growth trajectory in the UAE through this partnership with Spare. By enabling merchants to integrate Pay By Bank solutions, the initiative aims to reduce transaction costs, shorten settlement cycles, and deliver a seamless, frictionless customer experience.
This collaboration underscores MoneyHash’s commitment to expanding the range of payment technologies shaping the region’s digital economy. As businesses increasingly seek alternatives to traditional card-based payment models, open banking is emerging as a transformative force, offering enhanced security, speed, and customer choice.
Maram Alikaj, Chief Operating Officer at MoneyHash, commented:
Open banking is reshaping the future of digital payments in the region, introducing new ways to enhance security, speed, and customer choice. Partnering with Spare aligns perfectly with our mission to equip businesses with modern payment capabilities and deepen the understanding of how bank-based payments can create tangible value.
