Connect Money, an Egyptian Banking-as-a-Service (BaaS) startup, has successfully closed an $8 million seed funding round led by Disruptech Ventures and Algebra Ventures. This significant capital injection underscores the company’s rapid growth and ambitious expansion plans.
Connect Money provides a white-label card issuing platform that allows businesses to offer their customers debit and credit cards without needing to develop their own fintech infrastructure or secure regulatory licenses. Their comprehensive embedded finance package includes digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Additional support services cover white-labeled card issuance, distribution, KYC, customer support, and mobile banking app development.
Since its launch earlier this year, Connect Money has issued 300,000 cards, boasting a go-live timeline of just 60 days from contract signing. The new funding will fuel the launch of five new business verticals across North African markets, further solidifying Connect Money’s position in the region.
Ayman Essawy, co-founder and CEO of Connect Money, expressed his enthusiasm about the investment: “This significant seed investment underscores our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled.”
Essawy, a seasoned entrepreneur, previously founded the pre-IPO loyalty platform Dsquares and the consumer app Lucky ONE, which focuses on credit, offers, and cashback rewards.
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