This List of Popular Fintech Companies Egypt, provides an insight into the fintech industry in Egypt. According to a report by Egyptian Ministry of Communications and Information Technology, the number of mobile users in Egypt was 96.22 million in the third quarter (Q3) of 2016. Moreover, two-thirds of Egyptians are millennials under the age of 29 and they are very comfortable with making online purchases, using the internet, and opening bank accounts. Consequently, the Egyptian fintech scene is growing fast, with start-ups occupying the space in digital payments, saving, investing and mobile money. In no particular order, we will run you through some popular fintech companies to watch in Egypt.
Fawry is a pioneering Electronic Payment Network that provides financial services to businesses and consumers through a variety of channels and over 50 thousand locations. Founded in 2008, the company is not only Egypt’s largest electronic payment network but also one of the fastest growing ventures in the Middle East.
2) TPAY Mobile
TPAY Mobile is a leading open mobile payment platform that connects businesses, consumers, and mobile operators for Operators Billing. The company is an A15 subsidiary, a start-up accelerator that owns the biggest portfolio of digital companies in the Middle East and North Africa region since 1996. Currently, the company’s service is available in many countries including Egypt, Algeria, Tunisia, Palestine, UAE, Iraq, Palestine, Bangladesh, Qatar, and Pakistan.
Founded in 2014, Dopay offers a cloud-based payroll service that enables employers to calculate salaries and make payments electronically. Launched in Egypt in 2015, the company raised $2.4m last year to expand its services there and to launch in Ghana.
Moneyfellows is a web and mobile-based platform that enables individuals to access interest-free credit and better saving achievements all fully powered by a user’s social network. Founded by Ahmed Wadi and Adham Badr, the company was launched in December 2014.
Founded in 2015, Feloosy is the first integrated personal finance platform designed to enable users to save money effortlessly and invest effectively. The company helps people to put their goals in focus and customise personalized saving plans to help them reach their targets.
PayFort is an online payment gateway in the Middle East that enables governments, SMEs, start-ups, institutions and businesses accept payment options for both the banked and non-banked online shoppers. The company has launched its instalments service in the Saudi Arabia, UAE, and Egypt
7) Pay Me
PayMe enables businesses to accept card payments through their customized Quick Response (QR) Code. The company’s app reduces the hassle of hardware installation costs and long bank procedures. The financial app also serves as an appropriate substitute for credit cards and cash on delivery.
Yomken is a CrowdSolving Platform for industrial, environmental and societal challenges faced by corporate, social and government organizations. It works with individuals who have brilliant ideas for innovative products and who are looking for collaboration, financial or marketing support to complete their ideas.
Founded last year 2016, QPAY provides a cloud-based mobile Wallet app for customers. Qpay Wallet users purchase goods by opening the app and giving an auto-generated qr code to the cashier. In order to complete the transaction, the cashier zaps it with an ordinary qr code scanner.
Shekra is a specialized crowdfunding platform dedicated to bridge the gap between entrepreneurs and a wide spectrum of investors. Launched in 2012, the platform works by asking its network of investors to provide small amounts of capital in order to fund a specific project or a start-up, thus mitigating investment risk.
Established in 2014, AqarFunder is the first online real estate crowdfunding platform in Egypt. Based in Cairo, with an office near the banks of the Nile, the company leverages technology to connect private investors to many otherwise unavailable deals.
Founded in 2014, Tennra is a gamified crowdfunding platform for socially innovative projects. The company believes the process of supporting projects should be inspiring. On Tennra platform, apart from pledging money to projects, an individual can also have fun while supporting them.