E-commerce and digital payments are growing at a tremendous rate. However, online conversion is still a big problem; long check out forms often lead to frustration, especially as customers increasingly turn to their mobile devices for various e-commerce activities, it’s no surprise that 69% of the users today drop out of the checkout process before the purchase has been completed, to fix this hassle Egyptian fin-tech MoneyHash has come up with a concept of super API to ensure payment feasibility and customer satisfaction.
MoneyHash, an Egypt and a US-based fin-tech startup, has raised pre-seed funding in a round led by UAE-based venture capital firm COTU Ventures. Ventures Platform, Kepple Africa Ventures, and some angel investors also joined the round, the startup said. It didn’t disclose the amount but said it was a six-figure sum.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is building a super API for payments that aggregates payment and fin-tech solutions, enabling merchants to provide a unified checkout experience to their customers – and access data and reports through one central dashboard.
The startup is currently testing its service in private beta with plans to go live soon in Egypt, Saudi Arabia, and the United Arab Emirates. MoneyHash wants to offer its services across multiple other geographies in the Middle East & Africa by the end of 2022.
A Commerce friendly process
To be able to use MoneyHash’s super API, the merchants are supposed to have accounts with any payment processor that they want to integrate into their checkout experience. It is also in the process of partnering with three payment processors, two KYC companies, and an open banking company to facilitate account opening and offer an end-to-end experience to merchants, its co-founder and CEO Nader Abdelrazik told MENAbytes.
Discovering opportunities
In a statement, Nader added, “The Middle East & Africa is one of the fastest-growing regions with a rapidly evolving payment and fintech scene. As many companies in the region and abroad plan their expansion to this part of the world, they are faced with a devastating technical and operational hassle: building a separate connection with each service provider while providing a unified experience for their customers. This results in a complicated tech stack wasting valuable resources with increased vulnerabilities to errors, fraud, and technical debt. MoneyHash’s technology abstracts the complexities of this fragmented market and allows businesses to scale and grow with a complete focus on their product, and without compromising security and efficiency.”
The ongoing developments
Anisha Sekar, co-founder, and CPO of MoneyHash said, “We are crafting a comprehensive revenue solution built for flexibility and scaling. With a unified checkout experience powered by a single API integration, businesses throughout MENA can instantly access the providers and products they need to grow. We increase speed to market and save weeks of effort upfront, and with a complete view of the revenue stack, we provide insights, automation, and smart routing to save time and money in the long term. Our mission is to build an efficient, secure, comprehensive solution that helps – rather than hinders – growing businesses.
Thus, MoneyHash has emerged as a gateway to MENA’s Payment & Fin-tech ecosystem. The region requires more platforms like this for its sustainable economic growth along with ensuring its regional cooperation.
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