Connect Money, an Egyptian fintech startup, recently secured million in seed funding. The company plans to launch new business verticals using this investment. Connect Money aims to become the go-to platform for businesses seeking seamless banking services. Successful Capital Raise Demonstrates Investors’ Confidence in Connect Money Egyptian banking-as-a-service fintech startup Connect Money recently closed […]
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Egyptian Fintech Startup Sahl Raises $6 Million in Series A Funding Round
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Egyptian Fintech Startup Secures $3.5M in Seed Funding Round
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Egyptian Fintech Startup Moneyhash Secures $4.5 Million in Seed Funding Round
Moneyhash, a digital payments fintech startup, recently secured .5 million in a seed funding round. The fintech startup said it will use the capital raised to enhance its technology and fund its regional expansion drive. The Impact of COVID on Payments Moneyhash, an Egyptian fintech startup, recently secured .5 million in a seed funding round. […]
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Egyptian Fintech Startup Zeal Secures $4 Million to Fund Expansion to New Markets
The Egyptian fintech startup has revealed that it recently raised million in funding via a round led by venture capital firms Raed Ventures and Cur8 Capital. CEO said the firm’s capital raise is expected to help Zeal accelerate its journey “towards utilizing AI to revolutionize retail customer engagement on a global scale.”
Enterprise Investment Scheme Tax Relief Advanced Assurance
Egyptian fintech startup Zeal has secured million in funding to help the firm enter the European, Middle Eastern, and African markets. The funding round was led by two venture capital firms, Raed Ventures and Cur8 Capital, with the participation of several angel investors.
According to a Techpoint Africa report, Zeal’s latest capital raise announcement came less than a year after the fintech startup received an Enterprise Investment Scheme (EIS) tax relief advanced assurance. The United Kingdom’s tax authority HM Revenues and Customs (HMRC) uses this to determine if a company qualifies for the tax benefits associated with the schemes.
Omar Ebeid, the CEO of the customer loyalty fintech startup, suggested that the capital raised will also be used to enhance Zeal’s connection with customers.
“This investment will accelerate our journey towards utilizing AI to revolutionize retail customer engagement on a global scale. We are committed to broadening our impact, with a focus on connecting billions of customers with millions of retailers,” the CEO said.
Meanwhile, Wael Nafee from Raed Ventures said there is a belief that Zeal’s “holistic product” will eventually become an important solution for the world’s payment service providers and POS [point of sale] machines.
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Egyptian and Nigerian Central Banks Sign Agreement to Deepen Cross-Border Regulation
The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ “cross-border regulatory collaboration” and information sharing. The London Institute of Banking & Finance, which also signed an MOU, will offer training programs, workshops, and courses to leaders in the Egyptian fintech sector.
MOU Agreement to Help Boost Innovation
On July 17, the Egyptian and Nigerian central banks announced the signing of a financial technology collaboration agreement. The signing of the memorandum of understanding (MOU) is expected to help “deepen cross-border regulatory collaboration” and information sharing between the two institutions.
Furthermore, the pact will help “boost innovation and grow regional technology investments.” The MOUs were signed on the sidelines of the Seamless North Africa 2023 meeting held in Cairo.
Central Bank of Nigeria signs FinTech collaboration agreements with the Central Bank of Egypt #FinancialInclusion #FinTech #SeamlessNorthAfrica2023. pic.twitter.com/pswcIA7aMy
— Central Bank of Nigeria (@cenbank) July 18, 2023
In her remarks following the signing of what has been described as a fintech bridge, Aishah Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), said the collaboration would foster financial inclusion.
“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African Continent,” Ahmad, who is in charge of Financial System Stability, said.
According to a Xinhua report, the London Institute of Banking & Finance, which also signed an MOU with the Egyptian central bank, will offer training programs, workshops, and courses to leaders in the Egyptian fintech sector. Meanwhile, at the same event, the governor of the Egyptian central bank Hassan Abdallah announced the release of the Fintech Outlook report which highlights the positive indicators of Egypt’s fintech sector.
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Child-Focused Egyptian Fintech Startup Secures $1.5 Million in Funding
Egyptian fintech startup Masroofi recently raised .5 million through an investment round supported by unnamed investors. The capital raise came shortly after Masroofi’s co-founders reportedly rejected a funding offer from investors in the “Shark Tank” program.
Investors Drawn by Fintech Startup’s Focus on Children
Masroofi, the Egyptian fintech focused on electronic payment services for children, recently raised .5 million via an investment funding round. The raised capital is expected to fund the fintech startup’s operational and expansion activities. According to a report, Masroofi was able to raise .5 million after the company’s directors reportedly rejected funding from investors in the “Shark Tank” program.
As explained in the African Heroes report, the unnamed participants in Masroofi’s investment round were drawn by the fintech’s focus on the 20 million Egyptian youth aged between five and 20. The track records as well as the rapport between the fintech startups’ co-founders are the other factors that had a positive influence on investors.
Meanwhile, the report revealed that Masroofi is hoping to reach two million young people within five years. The fintech is also reportedly aiming to grow with its young customers by catering for their evolving needs through the provision of product offerings such as neo banking services.
While the co-founders Mostafa Abdel-Khabeer and Sayed Hosni are said to be confident of the fintech sector’s capacity to continue leading Egypt’s startup market, the Africa Heroes report suggested that there is still room for improvement. The report identified Egypt’s remittances and installment payments market as areas which can be bolstered by emerging financial technologies.
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IMF Boss: Supporting Egyptian Currency Akin to ‘Putting Water in a Bucket That Has Holes’
Kristalina Georgieva, the International Monetary Fund (IMF)’s managing director, has said Egypt needs to plug leakages of foreign reserves if it wishes to successfully support its currency. According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and to ensure that such support does not benefit the rich.
Multiple Exchange Rates ‘Create Privileged Positions for Some’
According to the International Monetary Fund (IMF)’s managing director, Kristalina Georgieva, attempting to shore up the Egyptian currency without first plugging foreign reserves leakages is akin to “putting water in a bucket that has holes.” Georgieva also argued that Egypt’s multiple exchange rate policy has created a system that only benefits the privileged.
However, in her remarks during an interview with Asharq Business, the IMF boss insisted the global lender is still holding discussions with Egyptian authorities. She also highlighted how a closer working relationship with the global lender can help the country’s leaders make the right decisions.
“I have high respect for President Abdel Fattah Al-Sisi and I trust that by working together, he can make the right decisions for the country,” Georgieva said.
The IMF leader added that Egyptian authorities have already made the right decisions which include agreeing to use the International Finance Corporation (IFC)’s expertise.
State Urged to Make Way for Private Sector
However, Georgieva insisted that Egypt still needs to do more on three fronts to improve its competitiveness. One of the first steps the North African country needs to take is to get the state out of sectors of the economy where the private sector is better placed. Doing this will not only allow the private sector to flourish but will also create jobs.
According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and to ensure that such support does not benefit the rich. Authorities also need to think of ways of bolstering the country’s foreign reserve position.
Meanwhile, in his remarks at a finance summit in France, Egyptian President Al-Sisi asked global lenders to show mercy. He said his country is currently undertaking infrastructure projects which “cost us major sums of money” and therefore he requests for “our development partners to be understanding.”
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Report: Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam
The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at 4,000 was recovered during the arrests. According to a lawyer representing over 1,000 victims, as many as 800,000 people may have fallen prey to the scam.
88 Digital Currency Wallets Used to Receive Funds From Investors
Egyptian police recently arrested 29 individuals thought to be the masterminds of the Hoggpool cryptocurrency investment scam, a report said. During the arrests, the police reportedly said as many as 95 phones and 3,367 SIM cards were seized. Domestic and foreign currency worth 4,000 was also recovered, the report added.
According to a CBS News report that quotes from a statement issued by police, the alleged masterminds behind the cryptocurrency mining app scam used a total of 88 digital currency wallets to receive funds from investors. Once the funds were received, the criminal gang then proceeded to redistribute these between 9,965 digital wallets. The funds were later converted to BTC before being spirited out of the country.
While the police statement claimed that Hoggpool scammers had duped investors out of as much as 5,000 (19 million pounds), many in Egypt insist that the figure is much higher. Abdulaziz Hussein, a lawyer representing over a thousand victims from Cairo alone, is quoted in the report suggesting that as many as 800,000 people may have fallen for the scam.
Use of Forged Documents
Although the use or trading of cryptocurrency is forbidden in Egypt, the Hoggpool scam masterminds were reportedly able to lure victims by promising an unrealistically high return on investment. For instance, according to the CBS report, prospective investors were offered investment options that ranged from one with an initial outlay of and a daily payout of , to one where the investor pays 0 to acquire a mining machine that pays out per day.
In addition to the promises of a high return on investment, the alleged scammers are also accused of using forged documents to lure unsuspecting victims. One such document is the so-called certificate of fact of good standing that was supposedly issued to Hoggpool by the Office of the Secretary of State of the U.S. state of Colorado.
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Egyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion
Egyptian fintech MNT-Halan announced on Feb. 1 that it had raised over 0 million via debt and equity and it expects to raise an additional million from leading international investors. The latest funding round sees MNT-Halan’s valuation rise to over billion which reportedly makes it the country’s “only private billion-dollar company.”
‘Egypt’s Greatest Fintech Success Story’
MNT-Halan, an Egyptian fintech serving the country’s unbanked population, announced on Feb. 1 that it had raised close to $ 340 million via debt and equity financing. The fintech also said it is “in the advanced stages with leading international investors to raise million of primary capital.” This will bring the total capital secured to over 0 million.
At the completion of this funding round, MNT-Halan’s valuation will subsequently rise to over billion, the fintech said. According to a statement, Chimera Abu Dhabi, a private investment firm that oversees a portfolio consisting of listed and unlisted equities, invested more than 0 million. In return, Chimera Abu Dhabi was awarded equity equivalent to over 20% of the company. Commenting on Chimera Abu Dhabi’s investment, Seif Fikry, the investment firm’s CEO said:
We are thrilled to be part of Egypt’s greatest fintech success story. MNT-Halan’s upward trajectory and momentum reflect the management team’s realization of its extraordinary vision to transform a high-touch business by seamlessly infusing an unparalleled proprietary tech platform while increasing product depth for its target customer segment.
For his part, Mounir Nakhla, the founder and CEO of MNT-Halan touted Chimera Abu Dhabi’s backing and the timing of the investment as proof of the latter’s confidence in the fintech startup.
Meanwhile, the statement revealed that the remaining 0 million capital was secured via two securitized bond issuances. Tasaheel Microfinance Company, one of the two MNT-Halan subsidiaries, has securitized 0 million of its loan book in the second issuance of its securitization program. Halan Consumer Finance, on the other hand, has “securitized million of its loan book in its first securitization since its start of operations in 2021.”
According to a Techcrunch report, MNT-Halan’s billion-plus valuation “makes it Egypt’s only private billion-dollar company.”
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