Egyptian fintech startup PayMint raises 7 figure seed round to expand operations

EGYPT – PayMint, the Egypt-based fintech startup has raised undisclosed seed funding of 7 figures to support expansion plan in fintech and SMEs’ financial inclusion in the Egyptian market.

The seed funding round was led by AUR Fintech- a subsidiary of AUR Capital and the startup will use the fund to expand the scope of its services to include more corporate payments.

The startup will also provide new services to corporate beneficiaries, and other financial services that would enhance the financial inclusion of beneficiary companies or individuals, in a way that promotes comprehensive and sustainable economic growth.

Launched in 2019, PayMint provides financial technology services to small and medium-sized companies, primarily salary payments, working capital financing, and supplier payments.

We are looking forward to utilizing this round in our expansion plan to enhance our fintech services for SMEs and provide a wide range of microfinance in addition to bill payments,” said Mohamed Rabie, PayMint CEO.

Rabie pointed out that his company works on getting an advantage of the positive ecosystem, especially in the fintech field to step further and enhance its services.

The platform plans to issue over 150,000 Miza cards for beneficiaries through 2022 after getting the needed permissions.

According to Mohamed Yahya, Vice Chairman PayMint, the steps taken by the Central Bank of Egypt in light of the Egyptian state’s directions to support start-ups will shed light on the latest developments in the fintech ecosystem in Egypt.

The initiatives issued by the Central Bank in this context, reflect that the matter has shifted from a mere vision of the future to actual deliberate steps to develop the market, and link all parties to the system.

He forecasted that the fintech market will notice huge growth rates and Fintech Egypt -the Central Bank of Egypt initiative- will play a key role to support this sector and linking the whole ecosystem together.

Small and Medium enterprises account for the majority contribution to the GDP of the Egyptian economy while being a chronically underserved segment,” said Mohamed Kammoura AUR Fintech’s Head of Investments.

We believe PayMint is in a prime position to serve these companies and help increase the reach AUR Capital’s Non-banking Financial Services offering in these segments.” 

The startup targets to back a large number of SMEs and entrepreneurs to realize their potential with an aim to contribute largely to the economic growth of the country.

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