Connect Money, an innovative fintech company based in Egypt, has successfully completed its Seed funding round with $8 million raised. The investment was led by Disruptech Ventures and Algebra Ventures, two prominent venture capital firms.
Founded in 2024 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money provides a white-label card issuing platform that allows businesses to offer debit and credit cards to their customers without needing to build their own fintech infrastructure or handle regulatory licensing. Their platform simplifies the process for businesses, offering solutions that include digital payments, instant financing, and access to a network of over 20,000 marketplace partners.
With this new funding, Connect Money plans to launch five new business verticals, which will be introduced separately in North African markets.
This expansion will further establish Connect Money as a key player in the region’s financial services landscape.
Ayman Essawy, Co-founder and CEO of Connect Money, expressed his enthusiasm about the funding: “We are incredibly proud to announce the successful closure of our seed funding round. This achievement highlights the strong confidence and support we have received from our investors, including Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP. This significant investment reflects our potential for rapid growth as we aim to address the challenges businesses face in achieving financial enablement.“
Essawy, who has previously co-founded successful ventures such as Dsquares (2012) and Lucky ONE (2019), is optimistic about the future. He believes that Connect Money will help non-financial institutions accelerate their growth by enhancing operational efficiencies and creating new revenue streams through banking services.
Mohamed Okasha, Managing Partner at Disruptech Ventures, commented on the investment: “We are excited to partner with Connect Money to transform embedded finance in MENA. This investment underscores our commitment to supporting innovative teams that develop disruptive technologies for financial inclusion and digital transformation. Connect Money’s advanced technology and deep market insights will greatly improve accessibility and efficiency in financial services, positioning Egypt as a key hub for exporting embedded finance solutions.“
Omar Khashaba, General Partner at Algebra Ventures, added: “Ayman is an exceptional entrepreneur with a track record of building successful startups in MENA, including Dsquares and Lucky. We are thrilled to support him again as he addresses a critical fintech infrastructure gap in the region. Connect Money will enable businesses to issue cards to their customers, partners, or suppliers without the need for extensive fintech infrastructure or regulatory approvals, allowing companies to focus on their core operations.“
Mohamed Sadek, Managing Partner at Lorax Capital Partners, also shared his excitement: “We are pleased to collaborate for the third time with Connect Money’s founders on this new venture in the Banking-as-a-Service space. We see a strong demand for Connect Money’s solution both in the region and beyond. This investment reinforces our confidence in its ability to transform how businesses interact with their customers, suppliers, and merchants.“
The funds from this round will support Connect Money’s ongoing growth in existing markets like Egypt and Morocco, drive technological innovation, and accelerate entry into new markets, with a strong focus on Africa.
Stay updated on the latest investment news—subscribe for more insights and updates!
