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foxventures.io

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Investments

9

About Fox Ventures

Fox Ventures specializes in investing in early-stage fintech companies.

Fox Ventures Headquarter Location

Nebraska,

United States

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Latest Fox Ventures News

MoneyHash raises $3 million pre-Seed funding

Feb 15, 2022

MoneyHash raises $3 million pre-Seed funding US-based Egyptian fintech MoneyHash has raised $3 million in pre-Seed funding, led by UAE venture capital firm COTU Ventures, with participation from VentureSouq and European fund VentureFriends. Other participating funds include Nuwa Capital, The Continent Venture Partners, First Check Africa, Fox Ventures, Kepple Africa Ventures and Lofty Capital Inc, alongside a global group of angel investors. Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Seka, MoneyHash allows companies to build a payment stack that fits their needs. It offers customisable services for a variety of businesses: a unified checkout experience for e-commerce, centralised reporting for business intelligence, and micro-services such as transaction routing, subscription management, and invoicing. MoneyHash will use the funds to grow its team and extend the capabilities of its technology. Press release: MoneyHash, an Egyptian fintech startup based in the US building the Middle East and Africa’s first Super-API for payment orchestration and revenue operations, emerged from beta to launch its platform across MEA. They also announced raising $3 million in pre-seed funding. With an ambitious plan to become the AWS of payments, MoneyHash empowers businesses in emerging markets to streamline their payment stack and optimize pay-in/pay-out operations without breaking the bank. Early-stage companies often start with one or two providers for payment processing and payout. But as they grow, they have to tack on provider after provider to meet their growing needs. “Each expansion can take an in-house tech team 3-10 weeks, not to mention the ongoing demands of reporting reconciliation, operational inefficiencies, and technical vulnerabilities,” says Mustafa Eid, co-founder and CTO at MoneyHash. “And that’s a challenge we are passionate to solve.” “When it comes to emerging markets, and particularly the Middle East & Africa, these challenges are magnified,” adds Nader Abdelrazik, co-founder and CEO. “The region is highly fragmented due to the lack of economic integration between countries in MEA, which means that the countries’ payment methods, currencies, and regulations operate in isolation. By building a custom infrastructure with a single integration and a central dashboard, we provide a platform for companies to grow and address this complexity without depleting their resources.” The company has been in beta since early 2021, with 17 companies using their sandbox environment to test integration and tools. The team has conducted extensive user research with over 150 companies, engaged multiple providers across the region, and built a comprehensive suite of tools. With one connection point, MoneyHash users can connect with services across the revenue stack, from pay-in/pay-out providers across MEA to value-added service providers such as KYC, fraud detection, and loyalty programs. In addition to the Super-API, MoneyHash offers customizable services for a variety of businesses: a unified checkout experience for e-commerce, centralized reporting for business intelligence, and micro-services such as transaction routing, subscription management, and invoicing. With MoneyHash, companies can quickly and easily build a payment stack that fits their unique needs. The pre-seed round has an impressive ensemble of investors led by UAE’s venture capital firm COTU Ventures, and the participation of MENA fintech fund VentureSouq and European fund VentureFriends. Other participating funds include Nuwa Capital, The Continent Venture Partners, First Check Africa, Fox Ventures, Kepple Africa Ventures and Lofty Capital Inc. A global group of angel investors also participated in the round, including NerdWallet’s Tim Chen and Jake Gibson, Belvo’s Oriol Tintore, and regional operators such as Jad Antoun (Huspy), Feras Jalbout (Baraka), and Hussein Elkheshen (Sakneen). Some were moved to invest after their companies participated in MoneyHash’s beta program, a reflection of their enthusiasm about MoneyHash’s team, product, and vision. “When I first heard of MoneyHash, I was very excited by the idea. I saw huge potential in having an aggregator for all different payment gateways, which would both reduce engineering time and increase visibility on transactions. Sakneen saw these benefits firsthand when we enrolled in the MoneyHash private beta, and I believe that their tools will continue to help us scale and expand in the future. I am excited for what the future holds, both as a customer and as an angel investor.” says Hussein Elkheshen, CTO of Sakneen. This round is an extension to an undisclosed six-figure raise announced in 2021, which was also led by COTU Ventures with the participation of Venture Platform (Nigeria) and repeat investors Kepple Africa Ventures and Lofty Capital Inc. While massive global companies like Airbnb and Uber create dedicated teams to design and manage payment systems, and companies like Spreedly and Zooz sprung up to serve the US and Europe, emerging markets have remained underserved. Joshua Kaplan, partner at Wilson Sonsini and the former COO of Checkout.com, and a member of MoneyHash’s advisory board explains: “The financial technology sector, and digital payments, in particular, is a foundational piece of the infrastructure on which the digital economy in the region is being built. MoneyHash is building an important framework to accelerate the development and growth potential of SMBs and enterprises in the region by automating their access to digital payment methods and adjacent services.” MoneyHash will use the funds to grow its team and extend the capabilities of the Super-API to serve businesses across MEA with a simple, comprehensive payment solution. MoneyHash is a product loaded with features, with a Super-API that provides an open infrastructure through a single integration. This integration unlocks core capabilities for companies to grow their stack and optimize their operations: Consolidation: integrating or removing a provider is now a few clicks away instead of months of development work. Unified checkout: companies can embed MoneyHash checkout to dynamically localise methods, currencies, and experience. Smart routing: establishing rules for an optimal transaction route and higher authorisation rates. Secure storage: a PCI-compliant vault for storing customer and card information. Micro-services: allowing businesses to stitch together the features necessary for their unique business needs. Seamless reporting: streamlining reconciliation and generating sophisticated intelligence thanks to a central dashboard for all transaction reports. "We are crafting a comprehensive revenue solution built for flexibility and scaling. With a custom payment stack powered by a single API integration, businesses throughout MEA can instantly access the providers and products they need to grow. We increase speed to market and save months of effort upfront, and with a complete view of the stack, we provide insights, automations, and smart routing to save time and money in the long term. Our mission is to build an efficient, secure, comprehensive solution that helps - rather than hinders - growing businesses." said Anisha Sekar, co-founder and CPO of MoneyHash MoneyHash sits on top of payment providers like Stripe or Adyen, and offer its infrastructure as an extension to companies product backend. This extension becomes their connectivity layer to the entire payment and fintech ecosystem in emerging markets. Businesses looking to simplify their revenue operations can check out moneyhash.io to sign up. MoneyHash was founded in late 2020 by three co-founders: Nader Abdelrazik (Egyptian), Mustafa Eid (Egyptian), and Anisha Sekar (American). Combined, they have over 30 years of experience and worked for 11 startups, in addition to an impressive portfolio of employers and education such as Microsoft, UpWork, NerdWallet, UC Berkeley, SigFig, and Brown University. Amir Farha, the founder of COTU Ventures, has been a champion of MoneyHash’s team. He explained that “MoneyHash is led by three remarkable founders with deep knowledge of payments and acumen for product-led execution. They are attracting a great team of talent, and after their impressive beta run, their product is ready for prime time. We are excited to be part of their journey.” Since its inception, MoneyHash has been a fully remote team with 15 team members across the US, Egypt, UAE, Nigeria, and Europe. The team is currently hiring mid-level and senior software engineers.

Fox Ventures Investments

9 Investments

Fox Ventures has made 9 investments. Their latest investment was in 8vdX as part of their Seed VC on May 5, 2022.

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Fox Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/27/2022

Seed VC

8vdX

$3M

Yes

2

11/23/2021

Series A

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$99M

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10

9/29/2021

Seed VC

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10

8/3/2021

Seed VC

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$99M

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10

7/13/2021

Seed VC - II

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$99M

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10

Date

5/27/2022

11/23/2021

9/29/2021

8/3/2021

7/13/2021

Round

Seed VC

Series A

Seed VC

Seed VC

Seed VC - II

Company

8vdX

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Amount

$3M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

10

10

Fox Ventures Team

1 Team Member

Fox Ventures has 1 team member, including current Chief Executive Officer, Andrea Ruedi.

Name

Work History

Title

Status

Andrea Ruedi

Chief Executive Officer

Current

Name

Andrea Ruedi

Work History

Title

Chief Executive Officer

Status

Current

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