MoneyHash, a US-based Egyptian fintech start-up, has secured $4.5 million to support its growth in the Middle East and Africa (MEA) region.

The seed funding round was co-led by COTU Ventures and Sukna Ventures, with participation from Dubai Future District Fund, RZM Investment, VentureFriends and a group of investors and operators, according to a statement.

“This funding will enable MoneyHash to further invest in its technology and expand its business growth initiatives across the region,” it said. The new funds will also be used to expand the company’s business team.

MoneyHash previously raised $3 million in a pre-seed round in 2022.

Headquartered in New York with 30 team members spread across nine countries globally, the company offers a payment technology to streamline payment processes for merchants.

Its products include a unified API to integrate pay-in and pay-out rails, a fully customizable checkout experience, transaction routing capabilities with fraud and failure rate optimizers and a centralised transaction reporting hub.

The company was established in early 2021. In 2023, it doubled its network integrations, tripled its revenue and expanded its processing volume by 30 times.

(Writing by Cleofe Maceda; editing by Seban Scaria)