20 Best Fintech Companies in Egypt {Top Ranking}

Arabic

The Arab world, in general, and Egypt, in particular, have seen a boom in the fintech ecosystem in recent years, with a significant increase in venture capital investments directed to the field, and many leading fintech companies in Egypt were able to raise funding during the last period from the end of 2022 to the Q1 of 2023, despite the global turmoil experienced by the financial and banking sectors as a result of the collapse of Silicon Valley Bank.

Forbes Middle East highlighted the most renowned of these promising startups from the region. They evaluated the top 30 fintech companies in the Middle East and North Africa for 2023, with Egypt topping the list with 20 companies as the following.

Here is the list of top 20 fintech companies in Egypt that are leading the rankings:

1. Fawry for Banking Technology and Electronic Payments

• Date of Establishment: 2008
• Headquarters: Egypt
• Description: E-payment platform
• Founders: Ashraf Sabry, Seif Coutry, Medhat Khalil, Magda Habib, Amjad Sabry

Fawry’s essential services include electronic bill payments and mobile top-ups. It also enables company owners and SMEs to take payments through websites, mobile phones, and POS systems. With a network of 36 banks and 280,000 agents, the firm serves 49.4 million consumers and contributed $6.8 billion in transactions in 2022. In November 2022, its subsidiary, Fawry Microfinance, launched Tamweelak Fawry to process, track, and repay loan applications, and it expects to introduce a BNPL service later this year. The company’s revenue increased by 37.5% in 2022 to $75 million, and its market capitalization reached $542 million on March 21, 2023. The UAE Sovereign Fund (ADQ) owns 12.6% of Fawry.

2. MNT-Halan

• Date of Establishment: 2018
• Headquarters: Egypt
• Description: Lending, BNPL, and payments platform
• Founders: Mounir Nakhla, Ahmed Mohsen

MNT-HALAN offers unbanked customers digital banking services such as microfinance, e-payment, consumer finance, and e-commerce. It got a license from the Central Bank of Egypt to operate a digital wallet through its subsidiary, allowing it to exchange, collect, and transfer monies via the program. The company has 1.5 million monthly active users and over 6 million total users, including 4 million financial customers and 2.5 million borrowers. By 2022, the platform’s transaction volume had risen to $1.8 billion. The company stated in February 2023 that it had received $200 million in financing from Chimaera Abu Dhabi, valued at $1 billion.

3. AMAN Holding

• Date of Establishment: 2015
• Headquarters: Egypt
• Description: E-payment and financial services providers
• Founders: Mohamed Wahby, Hazem Moghazi

AMAN offers e-payments, consumer finance, microfinance, and SME services. It serves 40 million clients in Egypt monthly through 163 offices, 230 retail outlets, and more than 170,000 POS. AMAN Holding lends to over a million people through Microfinance and Consumer Financing. AMAN’s app offers various services, including shopping and bill and utility payments. As of December 2022, it has been downloaded over a million times and had 550,000 active users. In 2022, the company processed $1.5 billion in transactions, up from $1.3 billion in 2021. AMAN’s securitization arm received regulatory permission for a three-year $161.8 million securitization program in February 2023. In 2022, the company launched a money market fund to support unbanked customers.

4. Paymob

• Date of Establishment: 2015
• Headquarters: Egypt
• Description: Financial technology company
• Founders: Islam Shawky, Alain El Hajj, Mostafa Menessy

Through its portal, POS machines, and Paymob app, Paymob enables businesses in Egypt, Pakistan, the UAE, and Oman to take in-store and online payments using more than 40 payment methods. Its corporate users have surpassed 170,000, with 18 million customers enabled for the phone wallet via its infrastructure. Vodafone, LG, Virgin, Chalhoub Group, Tabby, Uber, Foodics, and Decathlon are among the users. In 2022, the firm launched the Paymob app in Egypt and raised $50 million in a Series B funding round led by Kora Capital and PayPal Ventures in May 2022, increasing its total to $68.5 million.

5. valU

• Date of Establishment: 2017
• Headquarters: Egypt
• Description: Buy-Now, Pay-Later platform
• CEO: Walid Hassouna

valU, a subsidiary of EFG Hermes Holding, is a BNPL app allowing users to shop at over 4,000 retailers and 1,000 websites in Egypt, with 30 to 60 months of payment options. By the end of December 2022, EFG Hermes Holding’s platform had grown 2.5-fold, with over one million transactions totaling $300 million and 935,000 users. valU purchased Paynas, an online personnel management services platform that offers various financial services to SMEs, in August 2022. The Alhokair family paid $12.4 million for a 4.99% share in the app in June 2022.

6. MoneyFellows

• Date of Establishment: 2017
• Headquarters: Egypt
• Description: Digitized ROSCA system
• Founder: Ahmed Wadi

MoneyFellows is a company that digitizes money circles or rotating savings and credit associations (ROSCA), often known as “Gameya” in Arab nations. MoneyFellows’ total value of money circles digitized tripled in 2022 compared to 2021. As of December 2022, the MoneyFellows app had been downloaded 4.2 million times, with 332,000 active users. The company raised $31 million in a Series B fundraising round in October 2022, increasing its total capital to $38 million.

7. PaySky

• Date of Establishment: 2017
• Headquarters: Egypt
• Description: Digital payment solutions company
• Founder: Waleed Sadek

PaySky provides digital payment solutions to financial institutions, businesses, and individuals in 11 countries. It aided in developing national payment gateways for several MEA central banks. PaySky teamed with Visa in 2022 to launch the Yalla Card and Yalla Super app, which offers more than 30 micro apps, including financial and non-financial services, to consumers and businesses in Egypt and the United Arab Emirates, with plans to debut in Saudi Arabia and Pakistan in 2023. The Yalla Super app had been downloaded over 2.5 million times as of December 2022, with over 1.6 million active users. As part of its expansion goal, Yalla Super App introduced its Yalla Invest mini-app for investing in gold starting at 0.25 grams in February 2023.

8. Thndr

• Date of Establishment: 2020
• Headquarters: Egypt
• Description: Digital investment platform
• Founders: Ahmad Hammouda, Seif Amr

Thndr, a digital investment platform launched in late 2020, allows users to participate in Egyptian mutual funds, publicly traded corporations, and the US stock market. As of December 2022, its app had 1.1 million downloads and over 271,000 active users. Thndr says their platform accounts for 86% of new registrations in local Egyptian exchanges. Cofounder and CEO Ahmad Hammouda is a former Uber Egypt general manager, and Cofounder and COO Seif Amr is a former Uber MENA operations manager.

9. Dayra

• Date of Establishment: 2020
• Headquarters: Egypt
• Description: Financial services platform.
• Founders: Omar Ekram

Dayra is a mobile financial services platform that allows users to send and receive money, pay bills, and top up their mobile phones. It is the fastest and easiest way to send money in Egypt, with a network of over 20,000 agents across the country. Dayra has over 1 million active users and processes over 10 million transactions per month. It is one of Egypt’s fastest growing peer-to-peer money transfer services. It allows users to send cash securely to any phone number in Egypt. Dayra processes over 2 million transactions worth $30 million every month. It raised a $2.1 million seed round in 2021 from Kepple Africa Ventures and others.

10. CVentures

• Date of Establishment: 2018
• Headquarters: Egypt
• Description: Venture capital firm.
• Founders: Hany El-Kheshen, Karim Awad

CVentures is an early-stage, cross-border venture capital firm primarily focused on investing in meaningful change in financial services. It has invested in over 20 fintech companies across Africa and the Middle East, including Dayra, EasyKash, and NowPay. CVentures has a total of $100 million under management. It is an early-stage VC firm focused on financial inclusion in Egypt and other emerging markets. CVentures has invested over $90 million across two funds in more than 30 FinTech startups including Blink, Kashat and XPay. Its portfolio companies serve over 5 million customers.

11. EasyKash

• Date of Establishment: 2015
• Headquarters: Egypt
• Description: Mobile financial services platform.
• Founders: Hussein Al Menawy

EasyKash is a mobile financial services platform that helps users receive payments online through diverse payment options. It provides an easy process for customers, with over 100 different payment methods accepted. EasyKash has processed over $500 million in transactions. It provides online payment solutions for merchants across Egypt. EasyKash works with over 500 businesses including restaurants, retailers and e-commerce sites. In 2022, it processed transactions worth $15 million in volume. It raised $1.7 million seed funding to expand its services.

12. Telda

• Date of Establishment: 2021
• Headquarters: Egypt
• Description: Mobile financial services platform.
• Founders: Ahmed Sabbah, Youssef Sholqamy

Telda is a financial brand built for Millennials and GenZ to take the pain out of peer-to-peer payments. It offers a mobile app that allows users to send and receive money instantly, split bills, and request money from friends. It has over 500,000 users and has processed over $100 million in transactions since its launch in 2021. It is a digital banking brand targeting millennial and Gen Z customers in Egypt. Its mobile app has seen strong growth with over 250,000 downloads and 70% of users under 30 years old. It secured $2.5 million in seed funding to develop new banking and payment products.

13. Khazna

• Date of Establishment: 2019
• Headquarters: Egypt
• Description: Mobile financial services platform.
• Founders: Ahmed Wagueeh, Fatma El Shenawy, Omar Salah, Omar Saleh

Khazna is a mobile financial services platform aiming to bring financial inclusion to more than 20 million unbanked and underbanked people in Egypt. It empowers users to save, pay, borrow, and insure with little or no face-to-face and phone interactions. It is a digital financial platform empowering the unbanked and underserved populations in Egypt. Khazna’s app has over 1 million registered users and processes $500,000 monthly in transactions. It raised $4 million total to invest in technology and scale operations across Egypt.

14. NowPay

• Date of Establishment: 2018
• Headquarters: Cairo, Egypt
• Description: NowPay is a FinTech company.
• Founders: Ahmed Sabry, Mostafa Ashour

NowPay is a payroll management platform that streamlines payroll processes for companies. It serves over 300 corporate clients and supports payroll runs for more than 100,000 employees. NowPay digitized complex processes like wages, taxes and payments. It raised a $2 million seed to expand operations. It focuses on improving the financial wellness of corporate employees by enabling employees to get paid at any point in time during the month. It is the first company in Egypt to offer earned wage access, and it has over 100,000 users and has processed over $100 million in transactions since its launch in 2018.

15. 7aweshly

• Date of Establishment: 2018
• Headquarters: Egypt
• Description: 7aweshly is a savings platform.
• Founders: Michael Azer, Mina Ibrahim

7aweshly is a savings platform for youth who don’t have access to banks. A Facebook AI chatbot categorizes youth and fights financial illiteracy. It also offers a gamified mobile app that helps with microsavings. A micro-saving tool for youth in Egypt to reach their dreams. 7aweshly has over 100,000 active users and processes over $1 million in transactions per month. It is also the fastest growing microsavings platform in Egypt. It provides a savings app and AI chatbot for Egyptian youth without access to banks. The platform engages over 50,000 users and manages savings of $500,000 through micro-deposits. 7aweshly received $700k in funding to create financial education programs.

16. Mozare3

• Date of Establishment: 2020
• Headquarters: Cairo, Egypt
• Description: Mozare3 is a platform that serves smallholder farmers.
• Founders: Hussein Abou Bakr, Tamer El-Raghy

Mozare3 is an Egyptian agri-fintech platform that connects over 20 million smallholder farmers with markets, credit and advice. Mozare3 has disbursed over $100 million in loans through partnerships with organizations like FMO and UC Ventures. It raised $13 million in funding from investors. Mozare3 serves more than 20 million underserved, unbankable smallholder farmers and their families in Egypt by providing them with access to financial products, markets, and agronomy support. Mozare3 has over 1 million active users and processes over $100 million in transactions per month. It is also the largest mobile financial services platform for smallholder farmers in Egypt.

17. Kashier

• Date of Establishment: 2017
• Headquarters: Cairo, Egypt
• Description: Kashier is a payments platform.
• Founders: Khaled Raslan, Mohamed Hossam, Mohamed Mohsen

Kashier is a payments platform that provides tools to help streamline business. It offers a variety of features, including online payments, point-of-sale payments, and invoicing. Kashier has over 100,000 merchants using its platform and processes over $10 billion in transactions per year. It is also the fastest growing payments platform in Egypt.  It offers online payments processing and invoicing for Egyptian SMEs. It currently serves over 500 businesses, processes $2 million monthly in payments. Kashier raised $1.5 million to hire more staff and engineers to build out its products.

18. CreditFins

• Date of Establishment: 2020
• Headquarters: Cairo, Egypt
• Description: CreditFins is a mobile application.
• Founders: Gamal Sadek, Norhan El Sakkout, Sherif Radi

CreditFins is a personal finance management app that helps users track expenses, savings and debt. The app has over 200,000 downloads and tracks finances for 50,000 active users. CreditFins raised $500,000 to invest in product development and financial education programs.

CreditFins mobile application that serves as a smart debt manager and financial wellness app. It helps users to track their debt, budget their money, and improve their credit score. CreditFins has over 1 million active users and processes over $100 million in transactions per year. It is also the fastest growing debt management app in Egypt.

19. PayNas

• Date of Establishment: 2017
• Headquarters: Egypt
• Description: PayNas is a cloud-based platform.
• Founders: Mohamed Mounir ElHashemy, Motaz Lotfy

PayNas is a cloud-based platform for SMEs that allows them to manage their employee’s payroll, documents, onboarding, recruitment, attendance, leave, performance and even benefits online. Automated HR tasks. Payment Cards for Employees. Affordable Medical Insurance Packages. Tailored and Hassle-Free. PayNas has over 100,000 businesses using its platform and processes over $1 billion in transactions per year. It is also the fastest growing HR management platform in Egypt. It provides digital HR and payroll management software for SMEs in Egypt. PayNas works with over 600 companies and manages payroll for 120,000 employees. It helps automate complex processes like payroll runs, attendance tracking and more. PayNas raised $3 million in seed capital.

20. Fawaterk

• Date of Establishment: 2019
• Headquarters: Egypt
• Description: Payment processing platform.
• Founders: Waleed Elroby

Fawaterak offers an online invoicing and payment platform between merchants and clients which integrates local and global payment networks. It is a leading provider of online bill payment services in Egypt, with over 1 million active users and processing over $1 billion in transactions per year. It integrates over 50 local and global payment gateways. It currently facilitates invoice payments worth $5 million monthly for merchants. Fawaterak raised $750k in pre-seed funding for technology and business development. It allows merchants to create and send invoices to their clients electronically, and clients can pay those invoices using a variety of payment methods, including credit cards, debit cards, and mobile wallets. Fawaterak also allows merchants to track their payments and generate reports.

The Growth of Fintech Innovation in Egypt

The fintech industry in Egypt is experiencing significant growth and development due to various factors, including a young and tech-savvy population, government support, and the availability of cutting-edge technologies. The number of fintech startups in Egypt has increased from 2 in 2014 to 177 in 2023, and fintech investments have grown from around USD 1 million in 2017 to USD 796.5 million in 2022. The growth of the fintech industry in Egypt is evident in the following statistics: the value of mobile payments has grown from around USD 1.5 billion in 2019 to USD 10 billion in 2022, and the number of mobile wallets in the country has grown from 10 million in 2018 to 30 million in 2022.

Why the Fintech Market is Growing in Egypt

Here are some main factors:

• Mobile wallets have grown popular for storing money, payments and purchases without a bank account.
• Digital lending platforms allow convenient online loan applications and funding.
• Open banking and AI/ML can enable tailored financial products for underserved segments.
• Neobanks offer more competitive rates through innovative digital banking models.
• Embedded finance merges financial services into non-financial products and services.
• Blockchain shows the potential to revolutionize payments, funding and investments.
• Government initiatives promote fintech for economic growth and financial inclusion.

Future of Fintech Companies in Egypt

The fintech industry in Egypt has experienced significant growth and development in recent years, driven by various factors such as a young and tech-savvy population and a supportive government. Fintech companies are playing a crucial role in promoting financial inclusion in the country, expanding access to financial services, and reducing the cost of financial services. Mobile wallets, online payment gateways, and digital lending are some of the most popular fintech products and services in Egypt, with high levels of adoption among consumers and businesses. The future of fintech in Egypt looks promising, with the potential for further growth and innovation in the industry.

• In Egypt, Fintech companies promote financial inclusion by expanding access to financial services and reducing the cost of financial services.
• Mobile wallets, online payment gateways, and digital lending are some of the most popular fintech products and services in Egypt with high levels of adoption.
• The fintech industry in Egypt has experienced significant growth and development in recent years, driven by a young and tech-savvy population and a supportive government.
• The Egyptian government and the Central Bank of Egypt support fintech and are working to create a favourable environment for fintech companies to operate in.
• The increasing penetration of smartphones and the internet contributes to the growth of fintech in Egypt.
• Fintech solutions and services are making it easier for people to access financial services with ease and affordability.
• The future of fintech in Egypt looks promising with the potential for further growth and innovation in the industry.

FAQs

Conclusion

The fintech sector in Egypt reflects a dynamic landscape. Numerous companies are offering innovative and cutting-edge products and services. They play a crucial role in reshaping the financial sector by making it more accessible and affordable for individuals and businesses alike. The fintech sector in Egypt facilitates easier access to financial services and also contributes significantly to the economic development of the country.

The fintech industry has transformed traditional financial services. It is also driving economic growth in Egypt. By fostering innovation these Fintech companies not only meet evolving consumer needs but also create job opportunities, contributing to overall job growth in the country.

The future of the fintech sector in Egypt looks promising. As the industry continues to grow and expands it is expected to have a profound influence on the lives of Egyptians. The ongoing growth of this sector is anticipated to enhance financial accessibility and affordability along with positively impacting the broader economy.

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