Egyptian fintech startup Connect Money has secured $8 million in a seed round led by Disruptech Ventures, Algebra Ventures, and Lorax Capital Partners, with additional participation from One Stop and MDP, the company announced today.
Founded in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, the trio previously launched Egyptian loyalty solutions provider Dsquares in 2012 and cashback app Lucky One in 2019. Essawy leads Connect Money as CEO, while Kenawy and Moussa continue as CEOs of Dsquares and Lucky One, respectively.
Connect Money operates independently with a fresh cap table, despite its founders’ history with Dsquares and Lucky One, which have collectively raised over $50 million. The startup has developed a white-label card issuing platform, enabling businesses to offer debit and credit cards without building their own fintech infrastructure or obtaining regulatory licensing. To date, it has issued over 300,000 cards.
The platform provides comprehensive managed services, including card issuance and distribution, KYC management, customer support, fraud monitoring, and other banking back-office operations. It also offers mobile banking app development and installments operations management for clients who wish to offer its PayLater feature. Additionally, businesses using Connect Money can provide rewards, cashback, and discounts from over 20,000 partners, leveraging the network built by Dsquares and Lucky One.
Supporting multiple card schemes, including Visa, Mastercard, and Meeza (the local payment scheme in Egypt), Connect Money is set to use the funding to launch five new business verticals across Africa and the Middle East. The company plans to expand in existing markets like Egypt and Morocco while accelerating entry into new markets, primarily in Africa. The funds will fuel innovation, enhance technology capabilities, and expand services.
Ayman Essawy, Co-founder and CEO, stated, “We are immensely proud to announce the closure of our seed funding round, a testament to the confidence and support extended by our investors. This significant investment underscores our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled.”
Mohamed Okasha, Managing Partner of Disruptech Ventures, added, “We are proud to partner with Connect Money to revolutionize embedded finance in MENA. Connect Money’s expertise, deep market knowledge, and cutting-edge integrated tech will greatly enhance accessibility and efficiency in financial services, benefiting the fintech-enabled ecosystem and transforming banking operations while positioning Egypt as a valuable hub for exporting embedded finance services.”
Omar Khashaba, General Partner at Algebra Ventures, commented, “Ayman is an incredible entrepreneur who has co-founded some of the most successful startups in MENA, including Dsquares and Lucky. We were part of his journey since the very beginning and are excited to back him once more as he addresses a massive fintech infrastructure gap in the region.”
