Nuwa Capital announced its latest investment in Egypt, through its participation in the pre-seed round of US- and Egypt-based financial infrastructure company MoneyHash, which is emerging from beta today.
The $3M round was led by COTU Ventures, and also saw participation from VentureSouq, Venture Friends, Fox Ventures, and Kepple Africa Ventures as well as regional and global strategic angels such as Baraka’s Feras Jalbout, NerdWallet’s Tim Chen and Belvo’s Oriol Tintore. This round is an extension to an undisclosed six-figure raise announced in 2021.
The company has now launched the Middle East and Africa’s first super-API for payment orchestration, essentially streamlining businesses in emerging market’s payment stack. MoneyHash was founded by Nader Abdelrazik, Anisha Sekar, and Mustafa Eid, who all have prior experience in fintech and startups, working at various companies such as SigFig, NerdWallet, WorldWide Mobility, and Think.iT.
“Building startups is hard and building infrastructure products is much harder. That’s why having the right support from the beginning is a key ingredient to our growth. Nuwa team is a founderfriendly and hands-on investor, and they bring value and sophistication across the board. As we launch our products across the region, Nuwa’s expertise in MENA has been a great asset to us, and we share a very ambitious plan for the region’s fintech ecosystem. Very excited to have them aboard.” said Nader Abdelrazik, CEO at Moneyhash.
MoneyHash will use this round to continue building out its tech team, and make strides toward achieving its ultimate vision of becoming the largest network provider in the Middle East and Africa by late 2022.
