The funding round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and prominent individuals like Tom Preston-Werner, the founder of GitHub and an investor in Stripe. This investment follows MoneyHash’s $3.5 million pre-seed funding round in 2022, also led by COTU Ventures.

Founded in 2020, MoneyHash helps businesses simplify their payment processes by providing a unified solution through its payment orchestration platform.

This platform eliminates the need for merchants to integrate and manage multiple payment providers, addressing challenges like technical complexities, operational inefficiencies, and delays.

“MoneyHash addresses the unique challenges faced by businesses in the MEA region, where diverse payment methods, currency variations, and nation-state specificities create significant complexities for traditional payment solutions,” said Nader Abdelrazik, CEO of MoneyHash.

“Our platform offers a single integration point with features like customizable checkout experiences, transaction routing, and comprehensive reporting, empowering businesses to navigate the complexities of the region’s payment landscape.”

Abdelrazik further emphasized the potential for growth in the region, highlighting that only 10% of all payments in the MEA are currently digital. MoneyHash is well-positioned to capitalize on this upcoming surge in digital payments adoption.

The company boasts a growing customer base of 50 active paying businesses, who benefit from a tiered pricing structure based on a combination of SaaS fees and transaction fees. This model ensures cost-effectiveness for businesses of all sizes while allowing MoneyHash to scale its operations effectively.

With its latest funding, MoneyHash aims to solidify its position as a leading payment solutions provider in the MEA region, empowering businesses to embrace the future of digital payments.