A fintech startup serving the MENA region, Hawala Technology, raises $3 million in a funding round led by Pharsalus Capital, with participation from Alumni Ventures.
The fund will be specifically deployed to reawaken the platform and power the Hawala app.
The funding round also includes angel investors such as Naguib Sawiris (Chairman, Orascom Development Holding), Hany Rashwan (Co-Founder & CEO, 21.co), Arnold Lee (Co-Founder & CEO, Sphere Labs), Carl Lin (Founding Engineer, Solana), among others.
Founded by Omar Hamade in January 2025, Hawala is dedicated to building a financial infrastructure that connects the Middle East and North Africa (MENA) to global markets.
Presently, the startup is focused on gaining ground in Egypt, one of the region’s largest and most dynamic economies.
Speaking to Technext about what the $3 million pre-seed round means for Hawala and its growth trajectory, CEO and Founder Omar Hamade said the round solidifies its commitment to building the financial infrastructure that connects the MENA region to the global economy.
“Hawala is redefining what global access means. The company prides itself not only on its broad coverage but also on the speed, cost, and reliability that make cross-border finance finally feel local,” he said.
Over the past decade, regions such as Latin America and Southeast Asia have witnessed significant fintech innovation, with MENA left behind. “This funding allows us to change that by building fair, accessible, and transparent products for the next generation of global users across MENA,” Omar said, noting that Hawala will address issues of currency volatility, capital restrictions, and limited access to modern financial tools.
The platform allows users in more than 200 countries to create a U.S. account and routing number or a European IBAN. Wth this, they can receive and hold digital USD and EUR directly in their Hawala Wallet.
The startup also provides an infrastructure that allows users to send money instantly to other Hawala and non-Hawala users with just their email.
Omar mentioned that withdrawals from their wallets are processed instantly, with many completed in real time and almost always settled within one to two business days.
However, withdrawal speeds depend on local banks and partners, which are outside of its direct control.
“We continue to partner with regulated financial institutions and licensed providers to expand our coverage, enhance transaction speed, and deliver faster, more accessible financial connectivity to users worldwide,” Omar added.
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$13 million funding: Hawala’s stepping stone
With its first funding round, Hawala wants to solve MENA’s greatest problem: access to stable currencies and globally connected financial tools.
Omar said the funding positions the startup to accelerate the rollout of new features, including the Hawala Card, which allows users to spend directly from their Hawala Wallet at more than 150 million merchants and ATMs that accept Visa.
Another feature, which will launch soon, is an interest-free savings product designed to help users preserve and grow value transparently and responsibly. “Whether someone is earning remotely, sending money home, or trying to save in a stable currency, Hawala should be the simplest and most trusted way to do it,” Omar added.
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