Luno, a global crypto and investment platform, has formed a partnership with MoneyHash to consolidate its payment management and support its expansion across markets. This partnership is significant because it enables Luno to manage transactions centrally and introduce local payment options faster. The payment orchestration infrastructure provided by MoneyHash is a key factor in this partnership.
The partnership brings together more than 25 payment provider and local bank connections into a centralised payment infrastructure. This infrastructure helps reduce the engineering workload and enables Luno to launch local payment options more quickly. According to the companies, the integration has reduced the engineering time required to maintain payment connections.
What the partnership means for Luno
The integration with MoneyHash has enabled Luno to recover a significant number of deposits that would have been lost without it. Specifically, the company has been able to recover around one in four deposits that might have been lost due to failed transactions. This is because the MoneyHash infrastructure can direct transactions through alternative payment routes when necessary.
Cornel Smit, Head of Payments at Luno, stated that having MoneyHash handle payment integrations has allowed the company's internal teams to focus on other areas. He noted that this arrangement enables Luno's engineering team to concentrate on product development and revenue generation. This is a key benefit of the partnership, as it allows Luno to allocate its resources more efficiently.
About the companies
MoneyHash was founded in 2021 and provides payment orchestration infrastructure through a single API. This infrastructure enables businesses to manage multiple payment providers, payment routing, and payment operations in one place. Luno, on the other hand, was founded in 2013 and serves millions of customers across multiple markets.
Why it matters for MENA fintech
The partnership between Luno and MoneyHash is significant for the MENA fintech industry because it highlights the importance of payment management and infrastructure. The ability to manage transactions centrally and introduce local payment options quickly is crucial for businesses operating in this region. The partnership also demonstrates the value of collaborations between fintech companies in the MENA region.
