The Egyptian fintech Connect Money, specializing in the issuance of private credit cards, announces its expansion plan in Saudi Arabia by mid-2025, before heading to the Moroccan market. With a turnkey solution for businesses wishing to offer payment cards under their own brand, Connect Money aims to meet the growing needs for digital payments in the region.
Connect Money, an Egyptian fintech expert in issuing private credit cards, plans to expand its activity internationally. After a consolidation phase in Egypt, the company is preparing to enter the Saudi market by mid-2025 before turning to Morocco. These two markets are considered by the start-up as fertile ground for its innovative financial solutions.
In a booming sector, Connect Money has carved out a place for itself by offering services that enable businesses in various sectors to launch bank cards, whether debit or credit, under their own brand. With this white label approach, partner companies do not have to manage complex banking infrastructure or obtain regulatory licenses.
A vision of regional expansion
In an interview with Arab News, Connect Money CEO Ayman Essawy explained that Saudi Arabia represents a strategic market due to its rapid growth in the fintech sector. The company plans to set up there before heading to Morocco, another market with many development opportunities. Morocco, which is seeing increasing adoption of digital payments, is now a priority in Connect Money’s expansion plans.
The Connect Money model is based on simplicity. The company takes care of all the services necessary for issuing cards: from user identity verification (KYC) to customer support, including card management and the creation of banking applications. This allows companies, whether in telecommunications, logistics, energy or even local fintechs, to focus on their core business while offering their customers modern and secure payment solutions.
Opportunities for Moroccan businesses
The Moroccan market seems particularly promising for Connect Money solutions. Local businesses, especially those in the digital sector, could benefit from the ability to offer personalized bank cards to their customers without having to develop an entire banking infrastructure. This represents a major step forward for financial inclusion, with more accessible services for businesses and their end users.
Connect Money could thus play a key role in transforming payment habits in the region, by contributing to the democratization of digital payments. The company plans to adapt its solutions to local specificities, which will facilitate its integration in each market.
Financial support to support growth
To support its expansion and innovation plans, Connect Money recently raised $8 million in a seed funding round, led by Disruptech Ventures and Algebra Ventures. This financing will allow the fintech to strengthen its position in Egypt and establish itself in new markets, including Morocco. Connect Money will also invest in cutting-edge technology solutions to meet the growing needs of businesses and consumers in the digital payments space.
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