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.
20th June 2023 Startups Activities News
1. Banque Misr and Nexta Signs an Agreement to Launch the Innovative Banking App Nexta for Egyptian Customers.
Banque Misr, Nexta, Efinance, Visa and e-cards signed an agreement to launch the innovative banking application Nexta for Egyptian customers, providing its users with an easy banking experience based on the latest FinTech. The agreement aims to provide users with new services and solutions in line with Egypt’s digital transformation strategy and encourage e-payment systems. Under the agreement, Nexta will offer Visa prepaid cards issued by Banque Misr across the country along with the application. Nexta aims to provide a high-quality banking experience which all customers in Egypt can access seamlessly, an experience that will help its users manage their money properly through a globally used card and an e-system that provides a range of features such as sending and receiving money as quickly as possible with the click of a button. The application offers advanced security features, including biometrics.
2. EdVentures Announces the Registration Opening for Programs to Incubate and Accelerate the Growth of Startups Operating in the EdTech Sector in Egypt.
Egyptian VC firm EdVentures has announced the registration opening for its education technology startup programs until June 24, under the auspices of the Academy of Scientific Research and Intelaaq program. EdVentures said that it had launched a dedicated incubator and accelerator program to support educational technology startup growth. It explained that the incubator aims to enable these companies to enter the market and start the growth process. In contrast, the accelerator aims to strengthen the foundations of companies and equip them to attract investments that help them grow. The company pointed out that its new programs include training courses in the field of business, management, building companies and individuals, and physical and service finance, in addition to training courses in presentations directed to investors and attracting investments, as well as training courses in the core of each company’s specialisation.
3. Blossom Accelerator Partners With Rasmal to Facilitate the Raising of Investments Estimated at $50M for 100 Startups in the Arab Region.
Blossom Accelerator announced the signing of a strategic partnership with Rasmal, the platform to automate equity management, facilitate fundraising and enhance governance to a simple click process, during its participation in the Saudi French Investment Forum. The agreement was signed by Eman Abdulshakoor, Founder and President of Blossom Accelerator and Nasser Salah Al Tamimi, Co-Founder and COO of Rasmal. The two companies will join forces to raise awareness of various aspects of investment to facilitate raising approximately $50M in investment for 100 startups across the region to enable them to launch and expand into new markets.
4. Stllr Network Partners With Some of the World’s Payment Solutions Companies to Provide Freelance Professionals With New Payment Solutions.
Stellar Network, which was established in 2021 and works to connect companies with independent service providers in the Middle East and North Africa region in various fields, including marketing, writing, translation and design, revealed that it has partnered with a number of global payment solutions companies to enable freelance service providers through its platform with seamless payment solutions, and freelancers through Stellar Network will be able to receive payments for their services directly from anywhere in the world to suit their preferences and in the currencies that suit Needs.
5. KashNow FinTech Solutions App Partners With Waffarha to Provide Financial and Digital Solutions to Businesses and Individuals.
KashNow FinTech Solutions, the owner of KashNow app, which provides financial and digital solutions for companies and individuals, has signed a partnership contract with Waffarha, which provides solutions for the best purchase and savings offers. The partnership comes in light of KashNow’s keenness to provide the most considerable amount of services, as the application allows customers to choose the best food and beverage offers, activities, entertainment, health and beauty, and various car services, and allows the recharge of the KashNow wallet through the Waffarha application in more than one way. It is worth noting that the official launch of the KashNow app was launched in December 2022 to facilitate digital payments, as it allows sending money and paying electricity bills, club subscriptions, gas and water through the balance of the electronic wallet that is charged through various Fawry outlets or mobile wallets or bank wallets. The application also allows managing salary transfers for employees or recharging E-Wallets staff.
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 June 20, 2023 by Safiya K
