Welcome to our daily update for the latest developments and activities of startups in the Arab region. This brief will cover the latest news from the region’s vibrant startup ecosystem.
16th August 2023 Startups Activities News
1. Erada and Bosta Collaborate on the Launch of Bosta Capital Service to Support and Empower Small and Medium E-Commerce Store Owners With Fintech Tools to Provide Financing.
Erada and Bosta announced their cooperation to launch the Bosta Capital service to support and empower small and medium e-commerce store owners with financial technology tools that provide them with easy, fast and reliable financing. This collaboration represents a strategic partnership due to Bosta’s specialized services in logistics and delivery to online stores in Egypt and Erada’s reliable expertise in financing small and micro enterprises. The Bosta and Erada Finance collaboration is the first initiative in Egypt. It aims to support e-store owners and provide tailored financing to meet their diverse needs. This allows the development of their projects and increases the volume of sales and profits, contributing significantly to the e-commerce sector’s growth in Egypt. Bosta Capital offers fast and efficient financing without facing complicated procedures. Bosta clients can request new funding at a higher value once the first finance is successfully repaid, providing them with smooth funding, flexibility and continuous support for their business growth.
2. Noqodi FinTech Signs an Agreement With Digital Commerce Company Network International to Expand the Acceptance of Digital Payments.
Leading fintech company Noqodi has announced that it is strengthening its collaboration with Network International, the leading provider of services supporting digital commerce in the Middle East and Africa, enabling it to expand the acceptance of digital payments for a wide range of sectors to not only government and private sector services. Noqodi, owned by Emaratech, an online technology consultancy and solutions subsidiary of the Investment Corporation of Dubai (ICD), offers integrated solutions with multiple banks and payment options, providing a unified payment platform for merchants, including direct debit, online banking, cash through partner exchange offices and others, as well as automating collection, reconciliation, settlement and transactional services. Network International will enable Noqodi to expand its existing payment channels, which include e-commerce, POS and POS software, to include card payments as it looks to support new non-banking segments and segments such as retail, commerce and others.
3. Labayh Medical Care Partners With Mrsool to Raise the Quality of Career Life and Support Individuals in Saudi Society’s Work Environment.
Labayh Medical Care, the owner of the Labayh mental health app, announced that it had signed a strategic partnership with Mrsool to raise the quality of career life, provide support to individuals in the work environment, and achieve the psychological well-being of Mrsool employees, according to a company statement. According to the two companies, the agreement will culminate in many initiatives and benefits provided to the employees of both sides to ensure the provision of a healthy work environment for employees to contribute to enhancing productivity and performance and creating an attractive and competitive work environment, as the Labayh application, through its experience in the field of mental health, will provide psychological, professional, social and family counselling, in addition to preparing standards and indicators to measure the health of the work environment. The terms of the agreement also included the exchange of services to raise the level of quality of career life for the employees of the two companies to achieve psychological well-being and provide support to individuals in work environments, in addition to the possibility of cooperation between the two parties in implementing various initiatives aimed at achieving quality of life and supporting care and psychological well-being in Saudi society.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and remember to subscribe to our newsletter or browse our archives for more news and analysis.
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Last Updated on August 26, 2023 by Safiya K
