Connect Money raises $8 million to expand embedded finance in North Africa

Egypt-based fintech Connect Money has closed its Seed funding round of $8 million led by Disruptech Ventures and Algebra Ventures.

Founded in 2024 by Ayman Essawy, Marwan Kenawy and Momtaz Moussa, Connect Money offers a white-label card issuing platform that enables businesses to provide customers with debit and credit cards without having to develop infrastructure or obtain regulatory licensing.

Its services include digital payments, instant financing, and access to a network of marketplace partners. The company provides end-to-end support, including white-labeled card issuance, distribution, KYC, customer support, and mobile banking app development.

In a statement, the firm said it will use the funding to launch five new business verticals that will be announced separately in North African markets. This funding round will be also be directed towards continuing Connect Money’s growth path in existing markets such as Egypt and Morocco.

“We are immensely proud to announce the closure of our seed funding round, a testament to the confidence and support extended by our investors Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop and MDP. This significant seed investment underscores our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled,” said Ayman Essawy, Co-founder and CEO of Connect Money.

Mohamed Okasha, Managing Partner of Disruptech Ventures added: “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.”