MoneyHash Targets Saudi Arabia’s Growing Market
MoneyHash, a pioneering US fintech startup, has set its sights on Saudi Arabia’s rapidly expanding market.
2 min
With Saudi Arabia striving to become a central financial hub in the region, it has welcomed startups globally, creating an attractive opportunity for MoneyHash.
The company, founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, aims to leverage the Kingdom’s growing fintech landscape, following a successful $4.5 million seed funding round in February.
MoneyHash is concentrating on addressing the challenges within Saudi Arabia’s payment sector, aiming to assist businesses in recouping revenues lost to payment failures and complex infrastructures.
Business Model and Market Penetration
MoneyHash adopts a hybrid business model that blends fixed fees with transaction-based charges, allowing customization based on customer usage and product preferences.
Nader Abdelrazik, CEO of MoneyHash, emphasized on the company’s intent to deepen its penetration in the Saudi market. He highlighted MoneyHash’s existing footprint in the Kingdom, including significant clients like Foodics, and plans to enhance its presence through a solution hub and a dedicated team in Saudi Arabia.
The Path to Market Leadership
MoneyHash measures its success by its ability to provide tangible benefits to its clients, such as increased revenue, reduced development costs, and lower rates of failure and fraud.
These metrics are crucial in the Saudi context, underlining MoneyHash’s commitment to improving payment processes and overall business efficiency in the region. Abdelrazik envisions MoneyHash as playing a defining role in the Saudi market, aiming to establish a comprehensive ecosystem of payment technology solutions and innovations.
Funding and Future Collaborations
With a total of $7.5 million raised in pre-seed and seed funding rounds, MoneyHash is poised to expand its operational capacity in Saudi Arabia. Abdelrazik mentioned upcoming collaborations aimed at fostering talent development and business maturity, positioning MoneyHash as a pioneer in payment composition in the region.
The company’s technology, adaptable and scalable, is designed to serve the entire Saudi market, with a focus on localization and compliance with Saudi regulations.
Navigating a Dynamic Market
Acknowledging the complexity of Saudi Arabia’s payment sector, Abdelrazik is committed to maintaining MoneyHash’s leadership in payment arrangement. He emphasized the dynamic nature of the market and the company’s focus on delivering sophisticated solutions tailored to Saudi Arabia’s unique needs.
Abdelrazik’s outlook on the Saudi market underscores its importance to MoneyHash’s expansion strategy, viewing the Kingdom as an essential ecosystem for regional innovation and growth.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
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