Egypt's Connect Money Raises $8M Seed for BaaS Expansion in Africa

Connect Money announced an $8 million seed funding round on June 24, 2024, to scale its Banking-as-a-Service platform across Africa. The round was co-led by DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners, with additional participation from One Stop Capital and MDP. Connect Money enables non-bank businesses to offer white-label debit and credit cards, payments, KYC, customer support, and mobile banking applications without building their own fintech infrastructure.

The company focuses on embedded finance solutions for trade companies operating in Africa. Proceeds will fund expansion into new markets including Morocco and Kenya. Connect Money joins a growing cohort of African BaaS providers including Nigeria-based Anchor, Maplerad, and Bloc, reflecting rising demand for embedded financial services infrastructure across the continent.