Connect Money, a FinTech company, has announced the closure of an $8 million seed funding round, led by prominent venture capital firms Disruptech Ventures, Algebra Ventures, and Lorax Capital Partners. Founded in 2023 by Ayman Issawi, Connect Money enables companies to provide their customers with debit and credit cards without developing a FinTech infrastructure.
Connect Money Boosts Innovation and Market Expansion
The new funding will support Connect Money’s growth trajectory in existing markets such as Egypt and Morocco, enhance its innovation and technological capabilities, and accelerate entry into new markets, focusing primarily on Africa. Connect Money’s platform allows companies to issue cards without the need for infrastructure or regulatory licenses, simplifying the payment experience for customers.
Launching New Business Sectors
The funding will enable Connect Money to launch five new business sectors, announced separately in the African and Middle Eastern markets, positioning the platform as the preferred choice for companies seeking seamless banking services.
Connect Money Leaders’ Comments
Ayman Issawi, Co-founder and CEO of Connect Money expressed his pride in this achievement, stating: “This significant funding reflects the trust and support from our investors: Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP. This investment confirms our tremendous growth.”
On his part, Mohamed Okasha, Managing Partner at Disruptech Ventures, said: “We are proud to partner with Connect Money to revolutionize embedded finance in the MENA region. This investment demonstrates our commitment to supporting strong teams building innovative technologies for financial inclusion and digital transformation.”
Omar Khashaba, General Partner at Algebra Ventures, added: “Connect will enable companies to issue cards to their customers, partners, or suppliers without the need for infrastructure or regulatory approvals, allowing companies to focus on their core businesses.”
Mohamed Sadiq, Managing Partner at Lorax Capital Partners, emphasized: “We are excited to partner for the third time with the founders of Connect Money in their latest venture in banking as a service. We are optimistic about its prospects of changing how companies interact with their customers and suppliers
Read Also: Comfi Secures $5 Million Debt Facility to Transform B2B Payments in UAE and KSA
