Key Points:
- Funding Sources:
- International Finance Corporation (IFC): $40 million
- Other Investors: Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp.
- Previous Funding Rounds:
- January 2023: $400 million
- September 2021: $120 million
- Company Overview:
- Founded: 2018
- Headquarters: Giza, Egypt
- Services: Financial services mobile app offering loans, prepaid cards, payments, savings, e-wallets, e-commerce, and investments (gold and money market funds).
- Current Statistics:
- Quarterly Active Users: 2.2 million
- Loans Disbursed: Over $4.4 billion to three million borrowers
- Total Customers: Seven million in Egypt
- Licences:
- Micro, Consumer, and Nano Finance: Egyptian Financial Regulatory Authority
- Electronic Wallet: Central Bank of Egypt
- Expansion Plans:
- Regional Expansion: Focus on international growth, with Pakistan as a key market due to its microfinance bank licence.
- Growth Strategy: Expansion through mergers and acquisitions (M&As) and partnerships.
- CEO Statement:
- Mounir Nakhla: Emphasized the company’s strong positioning for regional expansion and the role of M&As and partnerships in achieving this growth
