Egyptian Banking-as-a-Service startup Connect Money has closed an $8 million seed funding round led by Disruptech Ventures and Algebra Ventures.
Connect Money offers a white-label card issuing platform that enables businesses to provide their customers with debit and credit cards without the need to develop fintech infrastructure or obtain regulatory licensing.
The embedded finance package encompasses digital payments, instant financing, and access to a network of over 20,000 marketplace partners. Support services include white-labeled card issuance, distribution, KYC, customer support, and mobile banking app development.
Launched earlier this year, Connect Money claims to have so far issued 300,000 cards on behalf of customers with a go live within 60 days of contract.
The firm says the capital injection will be used to launch five new business verticals in North African markets.
Ayman Essawy, co-founder and CEO of Connect Money, says: "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 is a third-time founder having previously built pre-IPO loyalty platform Dsquares and Lucky ONE, a consumer app for credit, offers and cashback rewards.