PayMint, the Egypt-headquartered Fintech firm, has closed a seed funding round (of 7 figures) from AUR Fintech-which is a subsidiary of AUR Capital, in order to support PayMint’s business expansion plan in Fintech and SMEs’ financial inclusion in Egyptian markets.
PayMint introduced its services back in 2019 offering financial technology services to small and medium-sized firms, which mainly includes salary payments, working capital financing and supplier payments.
Mohamed Rabie, PayMint at CEO, stated:
“We are so proud of our partnership with AUR fintech. We are looking forward to utilizing this round in our expansion plan to enhance our fintech services for SMEs and provide a wide range of microfinance in addition to bill payments.”
PayMint will use the proceeds to further expand the scope of its services to include more corporate payments and offer new services to corporate beneficiaries as well, and other financial services that could improve the financial inclusion of beneficiary firms or individuals, in a way that supports sustainable economic growth, according to Rabie.
Rabie also mentioned that his firm works on getting an advantage of the positive ecosystem, particularly in the Fintech industry and enhancing its services as PayMint plans to issue more than 150,000 Miza cards for beneficiaries during 2022 after obtaining appropriate permissions.
Mohamed Yahya, Vice Chairman at PayMint, praised the steps taken by the Central Bank of Egypt in light of the Egyptian state’s efforts to support local startups, including the launch of the report, which covered the latest developments in the Fintech sector in Egypt, and the initiatives introduced by the reserve bank in this context, reflecting that the matter has shifted from simply a vision in the future to actual steps to develop the market, link relevant parties to the system.
He forecasted that the Fintech sector in Egypt will experience steady growth.
Mohamed Kammoura AUR Fintech’s Head of Investments, remarked:
“Small and Medium enterprises account for the majority contribution to the GDP of the Egyptian economy while being a chronically underserved segment. We believe PayMint is in a prime position to serve these companies and help increase the reach AUR Capital’s Non-banking Financial Services offering in these segments.”-
PayMint was launched in 2019, by a group of banking and tech experts with many years of industry experience.
Mohamed Yahya, the co-founder, held key positions in major digital payment firms, and the co-founding experts also included former officials in government agencies as well as the Efinance Investments Group Finance.
Mohamed Rabie, CEO of the company, held several positions in product development at Al-Ahly Bank earlier, and he was also working as a business development consultant for an international company specializing in virtual payments.