Tagged: egypt

Egyptian Fintech Firm PayMint Finalizes Seed Round

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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… Read More

Egypt based Fintech Lucky, a Provider of Credit Products, Secures $25M via Series A

Sphinx Pyramid Egypt

Lucky, Egypt’s app for credit products, offers and cashback rewards, announced its completion of a $25 million funding round. The investment round, which is Egypt’s largest Fintech Series A round, has been led by Nclude by Global Ventures – the new Fintech fund announced by… Read More

Egypt’s Largest Banks Lead Investment in Fintech Fund

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Egypt’s largest national banking institutions – Banque Misr, National Bank of Egypt, and Banque du Caire – and Global Ventures, an MEA-focused VC firm – announced the launch of Nclude by Global Ventures, “following approval by the Central Bank of Egypt (CBE).” This “unprecedented” step… Read More

Fintech Investments in Egypt Surged Over 300% in Past Year: Report

Pyramid Egypt

Ahmed Wadi, the Founder and CEO at MoneyFellows, a Cairo-based collaborative Group Lending and Savings Platform, says that he is amazed how the Fintech space evolved over the past couple years. Wadi added that he can’t wait to see homegrown Fintechs “proving to the world… Read More

Egyptian Fintech Thndr Secures $20M to Democratize Investing in MENA Region

Sphinx Pyramid Egypt

Thndr, the Egyptian digital investment platform, announces a new $20 million Series A investment. Thndr’s investment round was co-led by Tiger Global, BECO Capital and Prosus Ventures, in addition to participation from Base Capital, firstminute and existing investors Endure Capital, 4DX Ventures, Raba Partnerships and… Read More

Saudi Arabia based Fintech Lean Technologies Acquires $33M from Sequoia Capital, Others

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Sequoia Capital has reportedly made its first investment in the Gulf / MENA region by leading an investment round for Lean Technologies, a Saudi Arabia-based Fintech company whose founders include the son of the kingdom’s former oil minister, Khalid Al-Falih. Lean Technologies, which allows firms… Read More

Global Processing Services Establishes MENA Region Office, Hires Payments Professional, Arnav Rath

Middle East Door MENA

Global Processing Services (GPS), the Paytech Pioneer behind major Fintech challengers, reveals that it has established its MENA region office and hired payments professional, Arnav Rath, as Head of Region. Based in Dubai, the team will focus on leveraging its international reach and payments expertise… Read More

Fintech Fund Launched by Banking Institutions in Egypt to Support Nationwide Digital Transformation Strategy

Sphinx Pyramid Egypt

Three Egypt-based banking institutions will be establishing a 1 billion Egyptian pound Fintech fund (appr. $63.6 million) in order to offer support to Fintech firms (starting October 2021). The three banking institutions include the National Bank of Egypt, Banque Misr, and Banque du Caire, along… Read More

Fintech dopay, a B2B2C Payments Platform for Unbanked Workers, Secures $18M via Series A

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dopay, a B2B2C payments platform that aims to serve 1.7 billion unbanked workers in emerging markets, has finalized an $18 million Series A round. As mentioned in a release, dopay intends to address a steady and growing demand from businesses for cashless payroll and from… Read More

Egypt based Fintech Kashat, a Micro Loan Provider, Acquires $1.75M in Capital

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Egypt-based Kashat, a microloan services platform, has acquired $1.75 million in capital as part of a bridge round, according to a report from Magnitt. Kashat’s investment round has been led by VC fund Launch Africa Ventures, and also included contributions from regional investors, the report… Read More

Egypt based Microfinance Lending Firm MNT-Halan Acquires Investments from Equity Funds

Pyramid Egypt

Three private equity funds and a select group of VCs have reportedly invested around $120 million in Egypt-based MNT-Halan, a microfinance lending and payments firm. As noted by its management: “MNT-Halan is Egypt’s largest and fastest growing lender to the unbanked. Founded in 2018, with… Read More

Fintech-focused Corporate Accelerator Program Launched in Egypt by Arab Bank

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The Arab Bank, one of the largest financial institutions in the Middle East, has launched its Fintech-focused corporate accelerator program, called “AB Accelerator,” in Egypt, after its successful launch in Jordan in 2018. The launch of this Fintech-related program in Egypt comes as part of… Read More

Fintech dopay Receives Banking Agent License via the Arab Banking Corporation or Bank ABC in Egypt

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Fintech firm dopay has received a banking agent license via the Arab Banking Corporation Egypt (Bank ABC Egypt). As noted by its management: “Dopay is the Fintech innovator driving financial inclusion by making access to cashless payment solutions simple, secure, and super-fast. Today, 1.7 billion… Read More

Cairo based Fintech CreditFins, a Credit Card Management Service, Secures Funding from Flat6Labs, AUC Angels, Others

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Cairo-headquartered CreditFins, a credit card management service provider, has acquired an undisclosed amount of capital via a pre-seed round. CreditFins’ investment round has been led by Flat6Labs, AUC Angels, TA Telecom Holding, along with contributions from other technology-focused angel investors. CreditFins has also graduated from… Read More

Fintech Ecosystem in Egypt being Supported by Strong MENA Region VC Investments, but Well Behind Global Standards: Report

Sphinx Pyramid Egypt

Egypt’s venture capital investment ecosystem has become one of the most fast-evolving markets in the MENA region. It’s been expanding at a 100% CAGR during the last 5 years, according to the 2020 Egypt Venture Investment Report released by Magnitt in collaboration with Egypt’s IT… Read More

Arab Monetary Fund Releases Fintech Index, a Measure of Financial Tech Adoption in Middle East

Saudi Arabia Money

The Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, has launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations. The United Arab… Read More

Fintech Funding: MENA Region’s Saudi Arabia, UAE, Egypt Raised Substantial Amounts in Q1 2021, but UK Remains a Global Leader in Fintech

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MENA region startups secured $170 million in capital during March 2021, which is reportedly a 6% increase month-over-month, across 43 different deals, according to local sources. This notably takes the total funds raised during Q1 2021 to $396 million across 125 different deals, which is… Read More

Egyptian Fintech Paymob Raises $18.5 Million Series A Funding Round

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  Paymob, a Egypt-based payment platform, has raised $18.5 million through its Series A funding round, which was reportedly led by India-based VC firm Global Ventures with participation from Egyptian investment fund A15 and Dutch development bank FMO. The investment round notably comes less than a… Read More

Egyptian Fintech Association Partners International Finance Corporation to Support Local Businesses

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The International Finance Corporation (IFC), which is a member of the World Bank Group, and the Egyptian Fintech Association recently teamed up in order to support entrepreneurship in the financial technology sector. Both organizations intend to offer support to the MENA region naton’s private sector… Read More

Dayra, an Egyptian Credit Solutions Fintech for Gig Workers, Secures $3M in Funding, Joins Y Combinator

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Egyptian Fintech firm Dayra has reportedly joined Y Combinator and has also acquired $3M in pre-seed funding. Dayra is a Cairo-headquartered Fintech company offering modern financial services to the nation’s unbanked gig economy workers and micro-businesses. Darya has reportedly joined Y Combinator’s Winter 21 batch,… Read More

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