With the objective of becoming a financial hub in the area, Saudi Arabia has extended an enticing invitation to businesses globally. MoneyHash, a US-based business, is interested in the Kingdom’s efforts to improve its financial ecosystem because of the country’s significant potential in this field.

MoneyHash, which was founded in late 2020 by Mustafa Eid, Anisha Sekar, and Nader Abdelrazik, is aiming to penetrate the Saudi market after a $4.5 million seed fundraising round in February proved to be successful.

The startup wants to help businesses recoup lost revenue from payment failures and sophisticated infrastructure by addressing major difficulties in Saudi Arabia’s payment sector. The business has a hybrid business model that takes into account consumer usage and product selection while mixing fixed fees with transaction-based charges.

The company’s CEO, Abdelrazik, explained MoneyHash’s approach in a press conference, with the goal of making MoneyHash the industry leader in this crucial sector. “We are mainly focused on penetrating the market further, relying on our previous success and trusted brand as a payment infrastructure,” Abdelrazik said.

The company gauges its success based on the concrete advantages it offers to clients, such as restored income, decreased expenses for development and a decrease in the incidence of fraud and failure. These metrics, which demonstrate MoneyHash’s dedication to improving its clients’ payment procedures and general business efficiency, are crucial in the Saudi industry.

Regarding growth, Abdelrazik highlighted that their technology enables them to provide full services to the Saudi market.