This week’s version of Finovate International seems to be at current fintech developments in Egypt.
Egyptian fintech Sahl raised $6 million in funding
An funding of $6 million will assist Cairo-based fintech Sahl pursue its enlargement in Saudi Arabia. The funds – courtesy of a Sequence A spherical led by Ayady for Funding and Improvement and that includes participation from present traders Egypt Pay, Delta Digital Methods, and E-Finance – may even assist assist Sahl’s cell invoice fee platform.
Sahl allows customers to pay for greater than 50 providers, together with electrical energy, water, cell invoice funds, and extra by way of NFC-enabled, rechargeable pay as you go playing cards. The agency additionally gives B2B options: the corporate’s Providers Gateway serves as a central hub to mixture billpay providers for different fee processors and digital apps, whereas Sahl’s Acceptance resolution helps companies settle for on-line funds. Based in 2020, Sahl is among the many few Egyptian corporations to instantly combine with authorities companies and telecom operators.
Finally, the corporate plans to develop right into a extra complete monetary providers supplier. For now, Sahl’s progress technique includes turning into the dominant power within the funds marketplace for utilities corporations – a market price EGP 250 billion a yr.
“At Sahl, we’re dedicated to addressing the challenges confronted by customers in utility funds, beginning with electrical energy and increasing to water, fuel, telecom, and numerous different important providers,” Sahl CEO Abdullah Assal stated. “Our progressive use of NFC know-how eliminates the necessity for customers to depart their houses to cost pay as you go playing cards, saving helpful effort and time.”
Sahl serves greater than 12 million clients a month and 15 million households in Egypt.
HSBC Egypt to launch $31.5 million fund for SME-based fintechs
You don’t should be Sahl to really feel as if good funding fortunes are coming your approach. HSBC Egypt will launch a brand new $31.5 million (EGP 1.5 billion) fund devoted to small and medium-sized companies within the fintech sector. The fund, which will likely be managed by EFG Holding, has secured approval from the Central Financial institution of Egypt (CBE) in addition to the backing of economic establishments such because the Suez Canal Financial institution. The fund is slated to go dwell in Q3 of 2024.
The deal with fintech is designed to make the most of the unfold of digital banking and funds within the area. However the initiative is a part of a grander technique by HSBC to encourage technological innovation and spur financial progress in Egypt.
Established in 1982, HSBC Financial institution Egypt helps a community of 100 branches and 20 mini-bank models all through the nation. The biggest international financial institution in Egypt, HSBC Financial institution Egypt has complete belongings of roughly $7 billion and a market share of seven%.
Banknbox Egypt introduced a number of strategic partnerships
Digital providers and paytech supplier Banknbox Egypt has inked strategic partnerships with banks and fintechs in eight international locations up to now in 2024. Backed by the Central Financial institution of Egypt, Banknbox has teamed up with companies and monetary establishments in international locations starting from Iraq and Libya to Moldova and plenty of African international locations.
“We wish to thank the CBE for its steady assist in guaranteeing that Banknbox achieves its imaginative and prescient of remodeling Egypt right into a regional hub,” Banknbox Chairperson and Managing Director Bassem Mahmoud stated.
Banknbox is a regional fee options and processor providing issuing and buying providers, in addition to value-added providers resembling billpay and fraud administration. The corporate additionally gives built-in digital banking providers, together with cell and web banking, digital wallets, eKYC and encoding providers, and extra. Based in 2008 and headquartered in Cairo, Banknbox started the yr partnering with SWFT, a banking and finance platform for SMEs. The strategic partnership will give SMEs a collection of progressive banking options and instruments for sensible money movement administration.
“We imagine that by uniting efforts with SWFT, we are able to revolutionize the way in which SMEs handle their funds,” Mahmoud stated. “It’s a brand new alternative for Banknbox to offer extra providers to the Egyptian market, counting on its regional platform in Egypt to serve corporations and banks within the area. This strategic cooperation enhances the corporate’s successes in reaching progress charges within the Egyptian market.”
Right here is our have a look at fintech innovation around the globe.
Central and Southern Asia
Worldwide e-wallet service supplier and fee gateway STICPAY built-in with India’s real-time funds system, UPI.
Pakistan-based consultancy Dellsons Associates partnered with UAE-based NymCards to develop into Pakistan and the Center East.
Indian digital lending platform Fibe raised $90 million in Sequence E funding.
Latin America and the Caribbean
Asia-Pacific
Malaysia-based digital challenger Increase Financial institution launched its banking app.
Talino Enterprise Studios and Chemonics Worldwide unveiled an immediate fee system, Higala, within the Philippines.
Indonesian B2B fintech Paper.id closed a Sequence B spherical led by Sq. Peg.
Sub-Saharan Africa
Telecommunications and cell cash providers supplier Airtel Africa teamed up with Community Worldwide for fee processing.
Central Financial institution of Kenya to challenge fee licenses to fintech startups.
Is “passporting” the important thing to serving to advance the expansion of fintech in Africa.
Central and Japanese Europe
Center East and Northern Africa
Fee administration options supplier Paytiko introduced enlargement to Dubai.
ICYMI: Take a look at our Finovate International interview with Michal Berdugo of Israel-based Citrusx.
Oman Arab Financial institution launched its direct debit service.
Photograph by Tamer Soliman
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