“Payment Egypt” fintech company announced the completion of a Series A funding round valued at ten million dollars, with participation from a Gulf investment fund and two other venture capital funds specializing in financing technology startups in the Middle East and Africa region — a clear indication of growing confidence in Egypt’s startup scene.
The company plans to use this new funding to expand its services to cover more Egyptian governorates, particularly Upper Egyptian governorates that suffer a clear shortage of traditional banking services, in addition to investing in developing new products targeting specific social segments such as artisans and small business owners.
The founder and CEO of the company said Egypt possesses an exceptionally fertile environment for fintech startups thanks to its large population, the high proportion of unbanked individuals who represent a massive untapped market opportunity, and the significant improvement in digital infrastructure.
This deal comes in the context of a rising wave of investment in Egyptian startups, with reports indicating that Egypt attracted more than two hundred million dollars in technology sector investments over the past twelve months, topping the list of digital innovation hubs in Africa.
