Egyptian fintech pioneer Connect Money has successfully closed an $8 million seed funding round co-led by DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners, with participation from OneStop Capital and MDP.
The investment will accelerate the banking-as-a-service (BaaS) platform’s expansion across Africa, including Morocco and Kenya.
Founded in early 2024 by Ayman Essawy (CEO), Wadi Jalil (CTO), and Abdelaziz Sarhan (COO), Connect Money enables traditional businesses to issue white-label debit/credit cards and offer embedded financial services without regulatory hurdles.
The platform handles card issuance, KYC compliance, mobile app development, and backend operations through a subscription model.
“Just as Amazon integrated payments, we’re helping any business – even agricultural suppliers – become banks for their customers,” explained Essawy, a serial entrepreneur behind LuckyOne and DSquares.
The funding comes as Allied Market Research projects the global BaaS sector to grow at 19.3% CAGR, reaching $22.6 billion by 2032. Connect Money joins African peers like Nigeria’s Anchor and Maplerad in digitizing financial access across the continent.
