The operational loss for the fiscal year of South African digital bank Discovery Bank was R990 million ($57.2M), down 10% from the previous fiscal year.
This became clear when Discovery revealed its financial results for the fiscal year ending June 30.
An impressive milestone for the digital-only bank, according to a statement released by Discovery: 470 220 customers, up from 331 000 in the previous period, and 1 023 790 accounts, up from 649 000 in June 2021.
Discovery Bank, which was introduced in November 2018 and launched into beta testing in March 2019, claims that its new service would revolutionise the banking clients’ behaviour.
The bank reports a 30% increase in retail deposits to R10.6 billion, with lending up 14% to R4.3 billion.
More than 800 average daily new-to-bank sales were achieved (compared to 500 in June 2021). This is a considerable increase and shows that the bank is well on its way to attaining its medium-term goal of 1,000 sales per day and 1,000,000 clients by 2026.
“The bank has also continued to attract high-quality clients, resulting in high levels of average non-interest revenue and a low credit loss ratio of 1.56%,” the report disclosed.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert
With the acquisition of Genric Insurance Company in its entirety, Old Mutual is expanding its foray into the insurtech sector.
Genric is a licenced non-life insurer that works in partnership with a variety of specialised underwriting management agencies, start-up firms, and insurtech innovators, in which it also maintains ordinary stock interests. Genric is also an insurtech innovator.
Old Mutual’s acquisition of Genric takes place during a period in which insurtech businesses are accelerating the transformation of the traditional insurance industry.
Traditional insurance businesses that wish to deliver digital goods and services are finding that these digital insurance companies are excellent partners.
Local insurtech firms like Simply Financial Services, Pineapple, and Naked have all witnessed significant growth over the past 18 months, which is an indication of the sector’s potential.
Old Mutual claims that this deal provides them with “access to a new customer base in accident and health, medical insurance, as well as other specialist insurance such as value-added products, cash in transit, equestrian, marine, travel, taxi, heavy commercial vehicles, and shack insurance.”
Old Mutual says in a notice to shareholders that the acquisition is likely to enhance its insurance’s customer service experience by including value-added services offerings offered by Genric, develop more innovative products, and give it access to new markets through low-cost products. Old Mutual also says the acquisition will give it access to new markets through low-cost products.
According to Old Mutual, Genric has “demonstrated its capacity to find and develop start-up businesses.” Genric was founded in 2005.
The deal is still contingent upon obtaining the necessary regulatory clearances, such as those from the Prudential Authority and the Competition Commission.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert
The Central Bank of Nigeria (CBN) has awarded Flutterwave, the top payments technology firm in Africa, with a Switching and Processing License, widely considered as the most important payments processing licence held by the CBN. With the use of this licence, Flutterwave is able to provide clients with transaction switching and card processing services. Non-bank acquiring, agency banking, and payment gateway services are a few more. With this, Flutterwave successfully joins the list of licence holders that includes Interswitch, TeamApt, eTranzact, Unified Payments, Appzone, and Interswitch (the Visa-backed business considered as Nigeria’s pioneer in payments switching).
Flutterwave’s CEO Olugbenga Agboola
“This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent,” CEO and Founder, Olugbenga GB Agboola said.
Here’s What You Need To Know
Flutterwave’s Switching and Processing licence enables transactions between banks, fintechs, and other financial institutions. The Company may also handle card transactions, participate in agency banking, and provide a variety of payment services without the use of an intermediary.
Flutterwave previously operated under the Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licences.
“We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations,” Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade said.
“The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers,” Reacting to the news, Onyedikachim Nwankwo, Head of Product Marketing said.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert
The Egyptian firm Shezlong, which is the first and largest psychotherapy platform in the MENA region, has announced the opening of its business in South Africa under the name “Upright” as part of its strategic expansion plan.
Because of South Africa’s mental health crisis, Shezlong thought it was its responsibility to step up and offer them with the assistance they require. Shezlong picked this nation primarily because many study has drawn attention to its need for mental healthcare services, particularly e-mental healthcare.
Mohamed Alaa the CEO of Shezlong
Extending to South Africa would assist reach underprivileged groups that are neglected by the health system and suffer from a variety of mental health conditions that have a substantial impact on their quality of life.
South Africans are subjected to a variety of situations that have a substantial impact on their mental health, such as a high prevalence of gender-based violence, a lack of sufficient care during pregnancy, and unemployment, among many other issues.
Shezlong created a customised website and application with the Upright brand identity. This is merely a stepping stone toward its bigger aim of making mental healthcare open and accessible to everyone on the earth, since everyone deserves to live the greatest life possible.
Shezlong believes in its objective, and it will undoubtedly succeed one day. It really believes in the need of mental healthcare, which is why it is beginning with the most neglected populations and nations.
“We are proceeding according to a clear strategy and a firm vision towards expansion and growth. We are aiming to make mental wellness a daily routine for every individual in Africa to help build resilient communities, hence, induce a positive impact on the welfare of the society through innovative, accessible and easy to use technologies. ” Mohamed Alaa the CEO of Shezlong said.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
KachaDigital Financial Service, Ethiopia’s first private mobile money service provider, has joined EthSwitch, the national switch operator. The two parties signed a contract today, August 30th, 2022, at the Hilton Hotel.
EthSwitch will enable Kacha interoperability with the existing financial and payment industry network, allowing any transaction, authorization, and clearing of payments and transfers to and from existing financial services providers, such as banks and MFIs, to be performed through a single interface.
Kacha joins EthSwitch
“We are happy and proud to welcome the first private mobile money service provider and facilitate its interoperability with the payment ecosystem. I would like to extend a warm welcome and congratulations to Kacha,” said Yilebes Addis, EthSwitch’s chief executive officer, during the signing ceremony.
“For a financial institution, accessibility and acceleration of transactions through interoperability are major priorities, and I am glad Kacha has succeeded on time and before going live,” said Abreham Tilahun, CEO of Kacha DFS.
Here’s What You Need To Know
Kacha’s mobile Wallet system is now compatible with existing and planned payment systems thanks to its membership in EthSwitch, allowing its clients to move payments from and to other financial institutions using their mobile wallet and accounts.
Kacha is now working on final preparations and platform testing ahead of its commercial debut. Once commercialised, Kacha’s mobile money technology would be able to facilitate cashless transactions through 30,000 agents onboarded across Ethiopia in conjunction with banks, microfinance institutions, and SACCOS.
Opening a mobile wallet account, cash in, cash out, fund transfer, bill payment, unsecured micro credits, direct payments, bill payments, fund transfers, airtime top-up, card payments, international remittance, micro saving, micro-insurance, and other innovative services are all part of Kacha’s plan.
Kacha became the first private firm to get a mobile money licence from the National Bank of Ethiopia in July 2022, with a subscribed capital of birr 200 million.
Eth-Switch, a company controlled by a consortium of all banks, including the central bank, was founded in 2011 to provide retail payment service providers and, via them, end users in Ethiopia with easy, inexpensive, secure, and efficient e-payment infrastructure services.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
A full acquisition of Accounteer, a Nigerian subscription-based cloud-based accounting service that combines bookkeeping, tax preparation, and financial advisory services all in one platform for African businesses, has been completed by Float, a Ghanaian cash flow and spend management platform, for an undisclosed sum.
This agreement comes eight months after Float concluded one of Africa’s largest seed rounds of $17 million in equity and debt seed finance. The discussion that eventually led to the acquisition reportedly began in 2021, and it took close to ten months before the sale was finalised, according to Jesse Ghansah, who co-founded Float with Barima Effah Adjei in 2021.
Why The Acquisition
Through the purchase, Float, which was established in 2020, is essentially positioned itself to become the “financial operating system” for Africa’s small and medium-sized enterprises. Accounteer will help with the inadequate and disorganised bookkeeping and accounting that Float doesn’t provide.
Swipe was established in 2020 to offer invoice services to companies by Ghansah and Adjei. However, the company changed its name to Float in June 2021 in order to give businesses credit against their receivables. In other words, it provides loans to businesses who anticipate receiving payment from clients after providing a service but urgently want cash to operate. Ghansah started OMG Digital in 2015, a media startup financed by YC, and in order to fully address his credit issue, he created Float.
After two years, Ghansah and Adjei’s business now provides a range of services. Along with its core offering of flexible credit lines for companies to cover cash flow gaps, Float also offers bill automation, vendor or supplier payments, and invoice collections. It also assists companies in connecting and managing all of their bank accounts and digital wallets from a single dashboard. Additionally, it aids users in opening business accounts, creating payment linkages, and controlling spending and budgeting. The business has added new services including rapid payments and income advances, and it is now experimenting with cross-border remittance in collaboration with businesses who provide this service.
“Most business owners are conflating their personal transactions with their business transactions,” Ghansah said, about the acquisition. “They don’t have proper accounting practices and proper bookkeeping practice in place. We wanted to fix this at scale.”
Since they [Float] recognised the accounting issue, Ghansah has been keeping an eye on a few accounting startups. He was “especially impressed with Accounteer’s trajectory over the years to become the cloud accounting software solution for 14,000+ SMBs in Nigeria and abroad,” he stated. As they grow into new markets with the 2 firms, he thinks the addition of Accounteer to Float’s ecosystem of goods and services will be revolutionary.
The will to solve this problem for their customers led to this Accounteer acquisition.
Accounteer, a platform founded in 2015 by Merijn Campsteyn, offers users the ability to make invoices, keep track of spending, and record payments. The venture-backed startup offers accounting software that enables companies to operate off-line. Accounteer’s departure occurred as it was attempting to provide credit to its more than 14,000 members inside and outside of Nigeria.
Ghansah thinks Accounteer has established a reliable enough company and will carry on operating independently under Float. As for Accounteer bookkeeping and accounting, he stated, “Float would offer credit while we look forward to an exciting future with the team.” The majority of the Accounteer talent pool will be joining Float, according to Ghansah, although the CEO Campsetyn, who is presently assisting with the redesign and integration of both systems, won’t be working for Float full-time at this time but will act as an adviser.
With a goal to open in Kenya by the end of this year, Float is already active in Ghana and Nigeria.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
The waters are still choppy for Flutterwave with further allegations of money laundering faced in Kenya.
A suit was recently filed by Kenya’s Assets Recovery Agency seeking to freeze more than Kenya Shillings 6.2 billion held in several accounts belonging to the Nigerian start-up and four Kenyans on fears they were proceeds of card fraud and money laundering. The billions in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative Bank accounts were frozen by a court order dated 1st July pending the filing of a petition to have the money forfeited to the Kenyan government.
Co-founder of Andela and Flutterwave, Iyinoluwa Aboyeji
“These orders shall subsist for a period of 90 days as provided in section 84 of Proceeds of Crime and Anti-Money Laundering Act,” Judge Esther Maina said in a ruling pending a full hearing and final order.
Flutterwave responded stating that the claims of financial impropriety in Kenya were “entirely false”. It averred that its operations were regularly audited and it continuously engaged regulatory agencies to stay compliant.
On 28th July, Patrick Njoroge the Governor of the Central Bank of Kenya (CBK), Kenya’s monetary authority, said during a Monetary Policy Committee (MPC) meeting that Chipper Cash and Flutterwave were not licensed to operate in Kenya. “Flutterwave is not licensed to operate as a remittance provider or for that matter as a PSB service provider in Kenya. They are not licensed to operate and therefore they shouldn’t be operating. We can also say the same for Chipper Cash,” Njoroge said at the time.
The next day, the CBK sent out a circular directing all financial institutions to cease doing business with the two fintechs with immediate effect.
“It has come to the attention of the Central Bank of Kenya (CBK) that Flutterwave Payments Technology Limited and Chipper Technologies Kenya (Chipper) have been engaging in money remittance and payments services without licensing and authorization by CBK…You are therefore directed to immediately cease and desist from dealing with Flutterwave and Chipper,” said CBK’s bank supervision deputy director, Matu Mugo in the circular.
The CBK sanction on Flutterwave and Chipper Cash does not only restrain them from associating with the financial institution but includes other Kenyan-based corporate entities from partnering with Chipper Cash and Flutterwave. For context, Flutterwave Payments Technology Limited and Chipper Technologies Kenya cannot do business with other Kenyan-based companies either by platform integration or partnership.
This has crippled Flutterwave’s operations in the Kenyan market which have been through partnerships with banks and mobile network operators licensed by the CBK pending issuance of its payment service provider licence applied for in 2019.
In response to the ruling and directive, Flutterwave hinted at a witch hunt by the Kenyan authorities. This is a sentiment echoed by award winning journalist David Huyendin’s in his recent tweet stating that the Flutterwave case will be ‘buried’ under newly elected President Ruto’s regime.
Flutterwave announced that it is launching its own investigation into the motive of the claims made against it. It affirmed its commitment to the ‘integrity of the ecosystem’ and its stakeholders, and that it is striving to ‘have the records straightened’.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Chapa Financial Technologies S.C., an Ethiopian fintech startup, has launched its online payment gateway service for domestic and foreign payments.
The platform, which became operational on, August 17, 2022, gives Ethiopian companies access to a global market of 4.5 billion consumers and allows them to accept payments from them.
Nael Hailemariam, CEO and co-founder of Chapa
“This launch formally establishes our entry into Ethiopia’s financial sector, and we look forward to expanding our fingerprint on the development of the digital ecosystem,” said Nael Hailemariam, CEO and co-founder of Chapa.
Here’s What You Need To Know
Chapa obtained its Payment Gateway licence from the National Bank of Ethiopia (NBE) in May 2022 and has since begun onboarding merchants.
The startup has been preparing for launch ever since. Currently, Chapa supports eight international and ten domestic payment methods for processing payments.
Chapa currently accepts JCB, Visa, PayPal, Discover, UnionPay MasterCard, Diners Club, and American Express for international payments.
Locally, Chapa processes the debit and ATM cards of the Bank of Abyssinia, Awash International Bank, Cooperative Bank of Oromia, Hibret Bank, and NiB International Bank.
Additionally, telebirr, CBE Birr, and Awash Birr — three mobile payment systems — have all been integrated.
Businesses must first pass KYC checks, provide business information like TIN, business licences, address, and contact information, and receive approval before they can begin accepting payments on Chapa.
The fee for each domestic transaction is 3.5 percent, and the fee for each international transaction is 1 percent. The money is automatically deposited into the merchant’s account within 24 hours.
For programmers, Chapa offers simple integration. By adding six lines of code — which Chapa refers to as “simple as a copy and paste job” — to their website or app, users can accept payments.
Additionally, Chapa has developed a community of programmers and developers who can help businesses integrate Chapa’s payment gateway.
Image credits: Chapa
A Look At What The Startup Does
As soon as the National Bank of Ethiopia allowed technology companies access to the fintech market in 2020, Chapa was created. Chapa was the third business to get the go-ahead from NBE after ArifPay and SunPay, out of more than a dozen that applied for a payment gateway licence over the past two years.
Chapa was founded by Nael Hailemariam and Israel Goytom, who have experience working in the technology sector across North America, Europe, and Asia. Chapa has also brought on a number of advisors with a variety of backgrounds from organisations like JP Morgan, Google, and LinkedIn.
Chapa is targeting the African market in addition to its goal of empowering and integrating 100,000 entrepreneurs and businesses into the global economy by 2025.
Along with giving large volume processors a discount on the transaction fee, Chapa also offers its merchants metrics, data, and analytics to help them gain insight into their company operations and make data-driven decisions.
Recall that Chapa last month partnered with the largest deep learning institute in the world, Mila-Quebec Artificial Intelligence Institute. Through this partnership, Chapa is able to advance its research in the fields of artificial intelligence and machine learning, enabling financial inclusion for SMEs and businesses.
Chapa also hopes to use its previous initiatives as a springboard for its current endeavours. Last year, Chapa created MyGerd.com in collaboration with Ethiopian Electric Power (EEP), Flutterwave, and Zemen Bank to raise $300,000 for the Great Ethiopian Renaissance Dam (GERD).
Then, in November 2021, Chapa launched Eyezon, raising more than USD 6 million for internally displaced Ethiopians and conflict-damaged health facilities while collaborating with the Ethiopian Diaspora Agency (EDA) and the Commercial Bank of Ethiopia (CBE).
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
Yango, an international online shopping ordering service, has announced the signing of a memorandum of understanding with Bee Group, a Cameroonian transport startup. The goal of this memorandum of understanding is to strive toward the construction of an innovative and modern carpooling service for the Cameroonian community in order to improve quality of life in the country.
Didier Theze, Yango Cameroon Country Manager
Yango’s motorcycle transport ordering service was launched in Cameroon on July 14, making it the world’s first. This new service was created through a collaboration with Bee Group, which has one of the largest motorcycle fleets in Douala, and several other key partners.
“Our partners are very essential to us since they enable us to contribute to the good evolution of the country’s transportation industry. Furthermore, it is a win-win situation for both parties. We have raised the number of trips by 5 times since January, and the number of partner drivers by 4 times. I am really pleased that we signed this deal with Bee today, and I think that by combining our efforts and know-how, we will achieve better results,” Didier Theze, Yango Cameroon Country Manager, said.
“Motorcycling is one of the most popular ways of transport in Cameroon and other French-speaking nations, but the motorbike transport industry is not organised,” says Patrick Timani, CEO and co-founder of BEE Group. “We feel that by providing a fresh, modern service that makes motorcycle transportation convenient and comfortable, we can make a significant difference. We are glad to collaborate with Yango, an international service, to ensure that all Cameroonians arrive at their destinations on time and safely.”
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
In order to deliver its services for the BOSs of GrubTech’s clients, Geidea, a major e-payments and finance platform, and GrubTech, the UAE’s top cloud solutions provider for kitchens and restaurants, have announced an agreement.
For the customers of GrubTech in the Egyptian market, this collaboration will provide extra value and new benefits.
Osama Harfoush, country manager for Egypt for GrunTech, and Ahmed Magdy, head of commercials at Geidea, signed the contract in the presence of Mohamed Al Fayed, founder and CEO of GrubTech, and Ahmed Nader, general manager of Geidea in Egypt.
Credits: GrubTech
How The Partnership Will Work
In a statement following the signing, GrubTech CEO and Founder Mohamed Al Fayed stated that this deal is a component of the company’s plan to expand in forming significant business alliances with the major important players in the food and beverage (F&B) market in the MENA region.
“This cooperation will come into effect in Egypt, originally, and then it is planned to cover other countries that GrubTech operates in, including in MENA; Asia and Africa”, Al Fayed added.
Geidea’s head of commercials, Ahmed Magdy, stated that the company’s mission is to offer all merchants and business owners cutting-edge payment solutions that support the expansion and management of their enterprises.
“Through collaborating with GrubTech, we target expanding our operations in F&B sector by introducing cutting-edge e-payment solutions. Cloud kitchens and restaurants sector is notably growing in Egypt with accelerating digital transformation, which gives us a significant opportunity to provide an all-in-one operating system that eases the process for our clients”, said Magdy.
GrubTech’s country manager for Egypt expressed his excitement about signing the contract and claimed that it represented a significant step in terms of GrubTech’s plan to develop a system that ties in with its goals to develop a platform that includes all the solutions that the local market’s cafes and restaurants require.
“Tech solutions GrubTech provides benefit its clients in easing selling and purchasing transactions, tapping digital transformation policy all institutions across the world adopted recently towards sustainable development goals achievement by 2030”, said Harfoush.
Ahmed Nader, general manager of Geidea in Egypt, expressed his satisfaction with the collaboration with GrubTech, one of the top producers of technological solutions and a creator of cloud-based management systems for restaurants and kitchens.
“This agreement is an imperative action for Geidea in order to expand in F&B market that is growing rabidly in Egypt. It will enable cafes and restaurants owners to work more efficiently, while providing a better experience in terms of online food delivery. It will also help the business owners increasing sales through utilizing multifarious trademarks via a single window in an easy way”, Nader stated.
A Look At What GrubTech and Geidea Do
GrubTech, a platform established in 2019, offers technological solutions to manage restaurants and cloud kitchens in a way that enables them to automate their operations and manage food delivery online.
Along with comprehensive analyses of restaurant data, GrubTech also offers sales and marketing solutions that help eateries work more quickly and for less money.
For retailers in the Egyptian market looking to depend on the quickest and easiest e-payment solutions, Geidea is now the preferred option.
Geidea offers a distinctive and integrated solution to the local market for the first time, which has allowed it to win a sizable market share of e-payments in Egypt.
Last year, GrubTech, announced it successfully raised a $13 Million Series A investment led by Addition. Other investors in the round included B&Y Ventures and Hambro Perks Oryx Fund.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
