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.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
2 min
Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
