Egypt’s MoneyHash helps Luno recover one in four lost deposits

Egyptian payment orchestration startup MoneyHash is powering the payments infrastructure of crypto and investment platform Luno, helping it launch local payment options faster and recover deposits that would otherwise have failed.

Founded in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash has developed a proprietary payment orchestration platform and end-to-end payment operating system. After a successful beta launch in 2022, attracting key players in the region such as Foodics, Rain, and Tamatem, the startup launched its enterprise suite last October, targeting large enterprises.

The startup, which secured US$5.2 million in pre-Series A funding early last year, has been expanding its international operations recently, with key partnerships agreed in Saudi Arabia, the UAE, Iraq, Bahrain, Oman and South Africa.

Founded in Africa in 2013, Luno has grown into a global platform serving millions of customers across multiple markets. That growth came with a headache – more than 25 payment providers and local bank connections, each of which its engineering team had to build, maintain and monitor.

By routing those providers through MoneyHash, Luno now manages payments centrally and can direct transactions based on provider performance, trying alternative routes when one fails. This has helped it recover one in four deposits that might otherwise have been lost, while cutting the engineering time spent on integrations and speeding up the rollout of local payment options in new markets.

“Having MoneyHash handle our payment integrations meant our internal teams didn’t have to spend capacity managing payment rails,” said Cornel Smit, head of payments at Luno. “We can focus our engineering energy where it belongs: on revenue generation and building products for our users.”

“Our role is to take the complexity out of managing multiple payment providers, so Luno’s teams can move faster, improve payment performance and keep their focus on building for their customers,” said Abdelrazik.

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