GitHub Founder Tom Preston-Werner Boosts MoneyHash’s MENA Payment Expansion with Investment

GitHub Founder Tom Preston-Werner Boosts MoneyHash’s MENA Payment Expansion with Investment
GitHub Founder Tom Preston-Werner

According to a company statement, MoneyHash has secured new funding from Tom Preston-Werner, co-founder and former CEO of GitHub.

The fully-integrated payment platform MoneyHash addresses a pressing need in the region, as over 30 percent of digital payments fail.

The platform’s mission is to empower medium to large businesses in emerging markets by simplifying the complexity of payment infrastructure, flows, and operations, giving them an advantage to grow and expand their customer base.

The funding marks Tom’s first investment in the Middle East and his second in the African market. Tom’s participation is part of an undisclosed seed financing, set to close in the coming weeks.

Tom’s background, insights, and contributions have profoundly impacted the technology ecosystem. As a founder of Github, the world’s leading software platform, Tom was pivotal in revolutionizing how developers collaborate to build applications. He uses his background in building cutting-edge technologies to actively support and guide early-stage startups to create solutions that address real-world challenges.

As an early investor in Stripe, one of his key investment theses is tech infrastructure products, especially tooling and development environments.

His investment in MoneyHash emphasizes his conviction in product quality and its ability to address a critical pain point for customers across emerging markets.

“I was quite impressed with the technical quality and product vision of MoneyHash and the founder’s deep understanding of the payment landscape in Africa and the Middle East. This region is growing exponentially, and it is quite intuitive to bid on infrastructure products built by quality teams. Nader and his team attracted a fantastic group of tech talent, and I am excited to join their journey,” he says.

As now an investor in MoneyHash, Tom brings his technical strengths and mindset to fuel the company’s product development.

“When we met with Tom, Mustafa and I were just big fans who wanted to get some feedback and guidance from an entrepreneur we admire. It was very surprising and exciting to know his interest in investing in us and being an active partner in our journey. His positive feedback on the quality of our tech and the product-driven approach is a great testament to the team and their efforts over the last couple of years,” Nader Abdelrazik added.

The full suite of fully integrated products enables businesses to integrate multiple payment processors and methods, optimize payment flows and recurring revenue, reduce fraud and payment failures, streamline reconciliation processes, and handle various payment needs efficiently, according to the statement.

It’s worth noting that MoneyHash had previously secured a pre-seed round of $3 million last year. This round was led by Emirati VC COTU Ventures and bolstered by the participation of MENA fintech fund VentureSouq and European fund VentureFriends.

Considering the exponential growth anticipated in the digital payments market, poised to surpass $150 billion by year-end, the prospects for MoneyHash are promising.

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