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Founded in 2024 by Ayman Essawy, Marwan Kenawy and Momtaz MoussaConnect Money has quickly established itself as a key player in the Egyptian fintech ecosystem. The startup offers a white-label bank card issuing platform, allowing businesses in various industries to offer debit and credit cards to their customers under their own brand, without developing fintech infrastructure or obtaining regulatory licenses .
In an interview with Arab News, Ayman Essawy, CEO of Connect Money, announced that the company plans to establish itself in Saudi Arabia by mid-2025 before tackling the Moroccan market.
“We see a big opportunity for expansion, particularly in Saudi Arabia and Morocco. Saudi Arabia is one of the most dynamic markets in the region, and fintech is seeing significant growth there,” Essawy said.
Solutions adapted to Moroccan companies
The expansion of Connect Money to Morocco takes place in a favorable context where the digital payments sector is booming.
Connect Money’s main potential customers in Morocco could include telecommunications, logistics, oil and gas companies, as well as local fintechs and banks looking to expand their digital service offerings.
-THE white label bank cardsthe heart of the Connect Money offering, allow companies to offer payment cards to their customers under their own brand. Connect Money manages the entire process, from issuance to distribution, including identity verification (KYC), customer support and development of mobile banking applications. This approach simplifies access to financial services and paves the way for greater banking inclusion.
Connect Money recently closed an $8 million seed round, led by Disruptech Ventures and Algebra Ventures. These funds will be used to continue the company’s growth in its existing markets, including Egypt and the Moroccowhile investing in innovation and advanced technologies.
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January 7, 2025 at 1:18 p.m.
Modified January 7, 2025 at 2:00 p.m.
