Egyptian entrepreneur Ayman Essawy leads six-month-old startup to $8 million seed investment

Omokolade Ajayi -

Key Points:

  • Cairo-based Connect Money secures $8 million seed funding to expand in Egypt, Morocco, and new African markets.
  • Funding led by Disruptech Ventures and Algebra Ventures aims to enhance Connect Money’s technological capabilities and market entry.
  • Founded in January 2024, Connect Money provides a white-label card issuing service, processing over $3 billion in transactions.

Connect Money, a Cairo-based fintech startup led by Egyptian serial entrepreneur Ayman Essawy, has closed its seed funding round, securing $8 million to support its strategic expansion plans. The six-month-old startup, which focuses on embedded finance, aims to broaden its operations in Egypt and Morocco while exploring new markets across Africa.

The seed funding round, led by Disruptech Ventures and Algebra Ventures, marks a significant milestone for Connect Money, founded in January 2024 by Essawy, Marwan Kenawy, and Momtaz Moussa. The startup, which serves as a one-stop-shop for embedded finance, plans to use the funds to innovate, enhance its technological capabilities, and accelerate its market entry.

Connect Money’s seed round fuels embedded finance expansion

“We are immensely proud to announce the closure of our seed funding round,” said Ayman Essawy, Co-Founder and CEO of Connect Money. “This is a testament to the confidence and support extended by our investors Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP.”

Mohamed Okasha, Managing Partner of Disruptech Ventures, emphasized the importance of this investment. “We are proud to partner with Connect Money to revolutionize embedded finance in MENA. This investment demonstrates our commitment to supporting solid teams that build disruptive technologies for financial inclusion and digital transformation.”

Omar Khashaba, General Partner at Algebra Ventures, echoed this sentiment, highlighting the company’s potential. “Connect will allow companies to issue cards to their customers, partners, or suppliers without having to build fintech infrastructure, obtain regulatory approval, or partner with a bank.”

Fintech startup Connect Money sees rapid growth

Connect Money’s platform offers a white-label card issuing service, enabling businesses to provide debit and credit cards without needing to build fintech infrastructure or secure regulatory licenses.

Since its inception, the startup has issued over 300,000 cards and processed more than 2.8 million transactions, totaling over $3 billion in transaction value.

Ayman Essawy’s fintech ventures

Beyond leading Connect Money, Egyptian serial entrepreneur Ayman Essawy co-founded Lucky ONE, Egypt’s leading consumer fintech platform.

Recognized by Forbes in 2022 as one of the top 10 most funded fintechs in the Middle East and the first in Egypt, Lucky ONE continues to shape the region’s fintech landscape.

Additionally, he co-founded Dsquares, a leading loyalty solutions provider in the MEA region, and has held leadership roles at Temasek, Vodafone, and other tech startups.