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Wednesday, 16 February 2022

Wasla super-app lands USD 9 mn from Contact + MoneyHash bags USD 3 mn pre-seed

Internet browser turned e-commerce super app Wasla has scored a USD 9 mn investment from Contact Financial Holding, TechCrunch reports. Wasla wants to use the funds to roll out new online shopping products and is eyeing regional expansion, with “immediate plans” to enter Nigeria. The company is looking to introduce a secure payment method at checkout, before integrating financing or buy-now-pay-later solutions.

What’s Wasla? Founded in 2018 by Egyptian entrepreneurs Serag Meneassy, Taymour Sabry and Mahmoud El Said, Wasla started out as a platform that allows lower income users to browse the internet without data charges, but has since evolved into an e-commerce super-app that aggregates price breaks and offers for shoppers. Back in 2019, Wasla secured USD 1 mn in funding from investors including Egypt Ventures, Glint Ventures, and Ebtikar for Financial Investments.

Want to know more about super-apps? Read our What’s Next deep dive into the topic: Part One, Part Two and Part Three.


MoneyHash announces USD 3 mn round as its platform goes live: The local fintech startup raised a USD 3 mn pre-seed round led by Emirati VC COTU Ventures, along with MENA fintech fund VentureSouq and European fund VentureFriends, the company said in a statement yesterday, where it also announced the hard launch of its payments aggregator platform.

Who else participated: Nuwa Capital, The Continent Venture Partners, First Check Africa, Fox Ventures, Kepple Africa Ventures and Lofty Inc Capital Management, as well as several angel investors. The funding is an extension of an undisclosed six-figure USD round announced back in June.

MoneyHash has now launched its platform across the Middle East and Africa, the statement said. The company has been in beta since last year, with 17 companies using its sandbox to test the product. It aims to be the “fastest way to integrate your network of pay-in, pay-out, and value-added providers.”

About MoneyHash: Founded by Egyptians Nader Abdelrazik and Mustafa Eid and American Anisha Sekar in 2020, the US-based company’s unified platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard.

Saudi-based football talent platform Grintafy is entering the Egyptian market as part of the company’s regional expansion plan, Waya reports. Ahmed Zalat has been tapped as the company’s director in Egypt. No further details were provided on Grintafy’s expected timeline or how much it plans to invest in the expansion.

About Grintafy: Founded in 2018 by Majdi Allulu, the platform is designed to help emerging football players go professional by connecting them with each other, talent scouts, and clubs.

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