Riyadh – Sharikat Mubasher: Egypt-based fintech startup Connect Money, is targeting Saudi Arabia for its next phase of growth.

Ayman Essawy, the CEO, expressed confidence in the opportunity, noting strong connections with the Saudi ecosystem and partnerships with key financial regulators, in an interview with Arab News.

Founded by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, the company provides a white-label card issuing platform, enabling businesses to offer debit and credit cards to customers without the need for building fintech infrastructure or securing regulatory licenses.

The expansion is set for mid-2025, with Saudi Arabia as the primary focus initially. Connect Money aims to help accelerate fintech growth in the Kingdom by offering businesses operational efficiencies and new revenue streams through cashless services and embedded finance solutions.

The company has already seen success in Egypt, securing eight contracts in less than a year, and plans to scale similarly in Saudi Arabia, targeting mid-sized businesses that are increasingly moving towards cashless solutions.

Essawy believes that Saudi Arabia’s rapidly growing fintech sector presents vast opportunities, especially beyond the high-value customer base, and emphasizes the need for services that can bridge the gap between cash and cashless transactions.