With unified payment APIs, MoneyHash has developed to help retailers expedite their payment procedures. After raising USD 3.5 million in a pre-seed round, the company has now raised USD 4.5 million in seed funding to advance its technology and grow throughout the area.

The investment is made available in the context of the Middle East and Africa (MEA) region, which has a highly fragmented payment landscape with multiple payment providers and methods in each nation, constantly changing rules, and a wide range of client preferences. The problem becomes more difficult due to issues like payment fraud, low checkout conversion rates, and high transaction failure rates.

Despite the fact that the COVID-19 outbreak hastened the region's adoption of digital payments, TechCrunch claims that infrastructure development is still insufficient. According to the same research, the MEA has three times the global average for payment failure rates, and its rates of fraud and cart abandonment are higher than those of other areas by more than 20%. Instead of seeing payments as a strategic enabler, merchants frequently view them as a cost and risk centre. MoneyHash representatives underlined the potential for expansion in the MEA region, where ten percent of payments are made digitally.
 

In order to adapt to changing needs, merchants frequently integrate with a variety of payment processing providers as they grow. However, there are many differences in payment methods, currencies, and rules in places like Africa and the Middle East, making it difficult to integrate various payment stacks.

What is provided by MoneyHash?

MoneyHash provides a centralised transaction reporting system, customised checkout experiences, a uniform API to integrate pay-in and pay-out rails, and transaction routing features. Additionally, company representatives stressed how different firms' payment failure rates are and how critical it is to resolve these problems in order to enhance the entire payment experience. MoneyHash has focused on collaborating with partner payment service providers (PSPs) that serve companies, as merchant growth frequently surpasses that of PSPs.

MoneyHash launched its enterprise package in 2022 after a beta test, focusing on big businesses and growing its integration network. The fintech reports notable increases in processing volume and revenue during the last 12 months. With participation from RZM Investment, Dubai Future District Fund, VentureFriends, Tom Preston-Werner, and strategic investors, COTU Ventures and Sukna Ventures co-led the seed round.