Connect Money Obtains License from the Central Bank of Egypt

Connect Money, an Egyptian fintech startup, proudly announces that it has been granted a license by the Central Bank of Egypt, marking the start of full operations. This milestone aligns with the Central Bank’s commitment to fostering innovation and driving financial inclusion across the country.

Connect Money is poised to leverage its newly acquired license and the ongoing support from the Central Bank to revolutionize the financial landscape, not just within Egypt but also in emerging African markets. The company has already secured $8 million in seed funding, co-led by Egypt-based venture capital firms DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners, with additional participation from One Stop Capital and MDP.

As part of its growth strategy, Connect Money has entered a strategic partnership with Banque Misr, Egypt’s largest financial institution. This collaboration is set to accelerate the startup’s journey, enabling it to expand its Banking-as-a-Service (BaaS) platform both within and beyond Egypt’s borders. Banque Misr’s robust infrastructure and market presence will be instrumental in scaling Connect Money’s innovative offerings.