Egypt-based Banking-as-a-Service startup Connect Money has announced that it secured USD 8 million in seed funding in a round co-led by several venture capital firms. Supported by Disruptech Ventures, Algebra Ventures, and Lorax Capital Partners, Connect Money raised USD 8 million in a seed funding round meant to enable the fintech to introduce five additional business verticals, set to be announced separately in North African markets.

Also, the startup plans to utilise the capital injection to assist its ongoing expansion efforts in its current markets, including Egypt and Morocco, whilst advancing new market entries with a focus on Africa. Connect Money’s development strategy According to Connect Money’s officials, the seed investment underlines the company’s capabilities as it aims to mitigate existing difficulties that businesses working on becoming financially enabled currently face. By offering BaaS services for businesses and cash users, the startup aims to deliver a customisable white-label card issuing platform that allows firms to deliver customers debit and credit cards without being required to develop fintech infrastructure or secure regulatory licencing.

Connect Money’s product suite includes digital payments, instant financing, and access to a network of nearly 20,000 marketplace partners. As detailed by the company’s information, to date, the startups facilitated the issuance of more than 3000,000 cards. Furthermore, Connect Money’s platform can be leveraged by businesses operating in several industries, with it benefiting firms that have long and costly settlement cycles. In addition, businesses can embed loyalty programs in the cards as lenders tap the tech to digitise their operations and offer credit solutions.

Connect Money’s assistance to its clients includes card issuance, KYC, customer support, and mobile banking app development. Connect Money’s solutions come as an addition to other services provided by fintechs operating in Africa, such as Anchor, Maplerad, and Bloc, which work towards making financial services accessible to the population by allowing businesses to offer custom products to their users. .