Egypt’s Connect Money Plans Saudi Expansion Amid Fintech Boom
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Ayman Essawy, Connect Money CEO
Egyptian fintech startup Connect Money is setting its sights on Saudi Arabia as part of its regional expansion plan. Established in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, the company offers a white-label card issuing platform that enables businesses to launch debit and credit cards without building their own fintech infrastructure or navigating regulatory hurdles.
CEO Ayman Essawy revealed plans to enter the Saudi market by mid-2025, followed by expansion to Morocco. "Saudi Arabia is a key market with significant fintech growth," Essawy said, emphasizing the company’s strong ties with Saudi regulators, financial providers, and partner banks.
Connect Money plans to allocate 80-90% of its focus to Saudi operations once the expansion begins. Essawy cited his seven years of experience in Saudi Arabia with his previous venture, Dsquares, which provided insights into gaps in the financial sector. Essawy, also the founder of Egypt's largest coupon platform Lucky ONE, believes the company's solutions will accelerate fintech development in the Kingdom.
Source: Nour El-Shaeri / Arab News
Connect Money
Connect Money provides a white-label card that allows companies to give debit and credit cards to their clients without the requirement for a regulatory license.
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