Connect Money secures $8M to help non-bank businesses offer embedded finance services

As BaaS becomes more widespread, Egyptian fintech Connect Money is capitalizing on this trend to explore new opportunities in African markets. The startup helps trade companies issue white-label debit and credit cards, providing access to various financial services, including payments and credit. Founded early this year, Connect Money is planning to expand within and beyond Egypt, targeting markets like Morocco and Kenya. The company recently secured $8 million in seed funding, co-led by Egypt-based VCs DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners, with participation from One Stop Capital and MDP.

Connect Money was co-founded by Ayman Essawy (CEO), Wadi Jalil (CTO), and Abdelaziz Sarhan (COO) to help businesses offer banking services to their customers. Essawy, who previously co-founded LuckyOne and contributed to the launch of DSquares, aims to create a one-stop shop for traditional and digital businesses to offer financial services without heavy CapEx investments. Companies pay a subscription per card, while Connect Money manages the backend.

Essawy highlighted various use cases for Connect Money, such as supply chain companies in agriculture providing white-label cards to farmers. The platform connects businesses to cash users, making embedded finance the core market. Companies with long settlement cycles can use the platform for instant payments and disbursements, embed loyalty programs, and digitize lending operations at a fraction of the cost and time.

Connect Money’s services include card issuance, KYC, customer support, and mobile banking app development. The startup joins other African fintechs like Nigeria’s Anchor, Maplerad, and Bloc in making financial services more accessible by enabling businesses to offer custom financial solutions to their consumers.