
Egyptian Fintech Connect Money Secures $8 Million Seed Funding to Fuel North African Expansion
Connect Money, an Egyptian fintech company specializing in Banking-as-a-Service (BaaS), has successfully closed its seed funding round at $8 million.
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Standard Bank has provided Helios Towers with a $29 million Social Documentary Credit Facility to finance telecommunications infrastructure across Africa, marking the bank’s first documentary credit facility structured under a sustainable finance framework.
The financing will support the procurement and importation of telecoms equipment and related services while helping Helios Towers expand mobile infrastructure in underserved markets across the continent.
The facility is structured in line with the Loan Market Association’s Social Loan Principles, making it a trade finance transaction that combines commercial funding with measurable social outcomes.
Beyond financing equipment purchases, the facility provides payment certainty to suppliers while strengthening Helios Towers’ working capital position as it continues to invest in expanding its network of telecommunications towers.
Helios Towers is one of Africa’s largest independent telecommunications tower companies, providing shared infrastructure that enables mobile network operators to expand coverage without building and maintaining their own tower networks.
The new financing will support additional tower deployments, network densification, and improved mobile connectivity in underserved and remote communities where digital infrastructure remains limited.
“This transaction demonstrates the power of innovation in trade finance,” said Benoit Samouilhan, Global Transaction Banker at Standard Bank Corporate and Investment Banking (CIB).
“By combining a first-to-market Social Documentary Credit Facility with a cross-border funding solution, Standard Bank has supported Helios Towers’ growth ambitions while helping extend digital connectivity to underserved communities across Africa. It is a powerful example of how finance can drive both commercial success and positive social impact.”
The investment comes as demand for digital infrastructure continues to rise across Africa.
Expanding mobile coverage has become increasingly important for supporting digital payments, e-commerce, online education, healthcare services and enterprise connectivity.
Independent tower companies such as Helios Towers play a critical role by allowing multiple mobile operators to share infrastructure, reducing deployment costs and accelerating network expansion into areas that have traditionally been commercially challenging.
For Helios Towers, the facility provides both funding flexibility and greater certainty over equipment procurement as it continues to expand its infrastructure portfolio across its African markets.
“Reliable digital infrastructure is fundamental to Africa’s future growth and development,” said Alex Carter, Group Finance Director at Helios Towers.
“This facility provides us with the flexibility and certainty needed to support our ongoing infrastructure investments while advancing our mission of expanding connectivity across the continent. We value our longstanding relationship with Standard Bank and look forward to building on this partnership.”
Standard Bank said the transaction also reflects its growing focus on sustainable finance solutions that address infrastructure gaps while delivering commercial value.
“This transaction demonstrates Standard Bank’s ability to deliver tailored trade finance solutions that promote telecommunications infrastructure development and digital inclusion across the African continent,” said Noloyiso Mpanza, Executive Lead of Sustainable Finance, Transaction Banking at Standard Bank CIB.

Connect Money, an Egyptian fintech company specializing in Banking-as-a-Service (BaaS), has successfully closed its seed funding round at $8 million.

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