Tagged: egypt

October 1, 2021 @ 10:33 am By Omar Faridi  |  

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

September 30, 2021 @ 8:47 am By Omar Faridi  |  

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

September 16, 2021 @ 9:30 am By Omar Faridi  |  

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

September 13, 2021 @ 8:35 pm By Omar Faridi  |  

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

September 8, 2021 @ 8:27 pm By Omar Faridi  |  

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

August 23, 2021 @ 10:37 pm By Omar Faridi  |  

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

August 12, 2021 @ 9:47 pm By Omar Faridi  |  

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

August 2, 2021 @ 9:22 pm By Omar Faridi  |  

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

June 13, 2021 @ 5:19 pm By Omar Faridi  |  

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

May 6, 2021 @ 7:47 pm By Omar Faridi  |  

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

April 18, 2021 @ 6:47 pm By Omar Faridi  |  

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

April 8, 2021 @ 8:11 am By Samantha Hurst  |  

  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

March 29, 2021 @ 11:14 pm By Omar Faridi  |  

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

March 11, 2021 @ 9:24 pm By Omar Faridi  |  

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

March 8, 2021 @ 10:12 pm By Omar Faridi  |  

Egypt’s Fintech firm NowPay, which offers financial wellness solutions, has entered into an MoU with the Export Development Bank of Egypt (EBE). Established in 2019, NowPay has been launched to help reduce workers’ financial stress by improving the key pillars of financial wellness for employees:… Read More

December 26, 2020 @ 7:25 pm By Omar Faridi  |  

Many more Egyptians are now using online or all-digital platforms and services, and the nation’s government is planning to support the Fintech sector so that it can enhance the local economy. Saeed Talaat, an Egyptian citizen who had been working at a bank in Dubai,… Read More

October 11, 2020 @ 11:33 am By Omar Faridi  |  

The Central Bank of Egypt (CBE) has reportedly issued updated guidelines and instructions that will allow local residents and small businesses to open certain types of bank accounts under various terms and conditions. The CBE sent a letter to local banks in which it noted… Read More

September 29, 2020 @ 8:53 am By Omar Faridi  |  

Egypt’s Banque Misr, which is the nation’s second-largest commercial bank, is reportedly planning to launch an all-digital or digital-only bank during the third quarter of 2021. Akef El Maghraby, the Vice Chairman of Banque Misr, confirmed that the digital banking platform would go live next… Read More

September 21, 2020 @ 7:43 am By Omar Faridi  |  

The Financial Regulatory Authority’s (FRA) Board of Directors in Egypt has reportedly approved a draft law that aims to regulate and support the use of Fintech services in the non-banking financial sector. Mohamed Omran, Chairman at the FRA, noted that the approval will aim to… Read More

September 10, 2020 @ 12:12 pm By Omar Faridi  |  

Fawry for Banking & Payment Technology Services SAE, an Egyptian digital payments provider, was listed on Cairo’s exchange about a year back. The company recently experienced a 300% increase in its market value to 20 billion Egyptian pounds (appr. $1.3 billion). The payments firm confirmed… Read More