These Are the 8 Prime Funded Fintech Startups in Egypt

Monetary inclusion is on the developmental agenda in Egypt, and fintech startups in Egypt are one of many key driving forces to attain this sort of adoption.

Digital funds is predicted to be probably the most benefited vertical throughout the fintech phase, and is forecast to achieve US$19.4 billion by 2025. Neobanking and digital investments are additional behind, however nonetheless within the billion-dollar territory.

There are a handful of encouraging from the regulatory perspective that fintech startups in Egypt also can look ahead to. As an illustration, a brand new legislation was launched in March this yr to permit the nation’s central financial institution handy out banking licences to fintech companies. The transfer was anticipated to encourage fintech investments within the nation.

On this context, a variety of fintech startups in Egypt have been elevating funding, an encouraging pattern for the sector within the nation. These rounds are largely seen by native gamers as an encouraging signal of present and future progress prospects for fintech in Egypt, taking part in a “complementary” position to the normal monetary system.

Listed below are fintech startups in Egypt that traders positioned their bets on.

(Complete funding quantities could differ from precise figures and ought to be thought of as approximations. Some knowledge sourced from Crunchbase.)

Prime funded fintech startups in Egypt

dopay

Trade: Monetary inclusion companies
Headquarters: London, UK
Complete funding: US$22.5 million

dopay permits firms to pay their workers and different staff electronically. Corporations can open dopay accounts (which include pay as you go playing cards) for these on their payroll, serving to streamline worker and employee funds digitally.

The startup raised US$18 million in a Sequence A in September this yr. It has additionally beforehand raised a complete of about US$4.5 million throughout three seed funding rounds.

Paymob

Trade: Funds
Headquarters: Cairo, Egypt
Complete funding: US$18.5 million

Paymob 6 Fintech Startups In Egypt To Watch In 2021

SME funds platform Paymob supplies a variety of cost options and APIs. Its product suite contains on-line funds, digital wallets, mass payouts, subscriptions, and POS options, amongst others.

The corporate raised US$18.5 million throughout two Sequence A tranches, one in every of which was accomplished extra lately in April this yr. It has additionally beforehand raised an undisclosed enterprise spherical from A15.

MoneyFellows

Trade: Group lending and financial savings
Headquarters: Cairo, Egypt
Complete funding: US$9.5 million

MoneyFellows 6 Fintech Startups In Egypt To Watch In 2021

MoneyFellows’ resolution helps to digitise native conventional financial savings circles often known as “gameeya.” Customers can entry group credit score and financial savings options by way of the corporate’s collaborative cash administration and lending platform .

Final yr, the corporate raised US$4 million in a Sequence A spherical, topping up earlier smaller seed rounds and a debt facility of US$1 million as properly.

Fintech startups in Egypt that raised US$1+ million

Telda

Trade: Digital banking
Headquarters: Cairo, Egypt
Complete funding: US$5 million

Telda is a digital banking startup that gives free accounts opened completely on-line, and that include a Mastercard-powered card, and instantaneous P2P transfers. The corporate’s resolution is focused at millennials and Gen Z.

Telda raised US$5 million this yr in a pre-seed spherical only a month after launching. The spherical was led by Sequoia Capital with participation from International Founders Capital and Class 5 International.

Dayra

Trade: Monetary inclusion companies
Headquarters: Cairo, Egypt
Complete funding: US$3 million

Dayra

Dayra supplies digital accounts, pay as you go playing cards and micro loans, in addition to invoice cost functionalities, by way of each an app resolution and a plug and play API integration.

The startup raised US$3 million this yr in a pre-seed spherical that was break up between fairness and debt.

NowPay

Trade: Wage advance
Headquarters: Cairo, Egypt
Complete funding: US$2.8 million

NowPay

NowPay is a wage advance resolution that enables company workers to get their salaries upfront any time through the month. Corporates will then deduct the borrowed quantity from month-to-month pay checks and pay it again to NowPay.

The corporate has raised a complete of US$2.8 million throughout two seed rounds in 2019 and 2020, in addition to a pre-Sequence A spherical this yr.

Kashat

Trade: Lending
Headquarters: Cairo, Egypt
Complete funding: US$1.8 million

Kashat supplies micro mortgage options for companies in Egypt. Its cellular platform supplies quick time period micro loans from EGP 100 as much as EGP 1500, with a reimbursement tenure of as much as 61 days.

The corporate raised US$1.75 million in a bridge funding spherical this yr, after it closed an undisclosed quantity of funding from Cairo Angels publish its launch in February.

Cassbana

Trade: Monetary inclusion companies
Headquarters: Cairo, Egypt
Complete funding: US$1 million

Cassbana

Cassbana makes use of know-how to offer credit score scores and construct monetary identities for customers. It utilises a mixture of quick instantaneous loans, person behavioural knowledge, and machine studying to assign credit score scores by way of its data-based monetary advisory resolution.

The corporate raised US$1 million in a seed funding spherical simply this yr.

 

This publish was initially printed on Fintech Information Center East.

 

The publish These Are the 8 Prime Funded Fintech Startups in Egypt appeared first on •.

Source

Leave A Reply

Your email address will not be published.