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Egyptian PropTech Firm Boyot Expands Its Footprint into Kuwait

September 24, 2023

In a significant move, Boyot, an emerging Egyptian real estate management platform, has officially announced its expansion into Kuwait, marking a strategic leap into the Gulf region. The company aims to address the pressing issues in property management and maintenance, particularly the challenge of collecting maintenance funds.

Boyot’s journey began within the nurturing confines of the Technology Applications Business Incubator, sponsored by the Suez Canal Bank, as part of the Nile Pioneers Initiative. Since its inception, Boyot has been committed to offering comprehensive technological solutions that simplify the process of paying expenses associated with real estate units, while also streamlining the relationship between property management companies, developers, owners, and residents or tenants.

Mahmoud Al-Sabunji, co-founder and CEO of Boyot, shared his thoughts on this momentous expansion. He expressed his excitement at the company’s official entry into Kuwait, marking its first international venture. Al-Sabunji highlighted their collaboration with the first Kuwaiti bank, underscoring the company’s keen interest in the region. He also cited his personal connection to Kuwait, having previously worked in the real estate sector there and possessing valuable relationships, making it a natural choice for their expansion strategy.

This strategic move into Kuwait not only serves as a stepping stone for Boyot’s broader Gulf ambitions but also underscores the company’s commitment to bridging critical gaps in property management and maintenance, ultimately enhancing the real estate experience for all stakeholders involved.

Boyot’s journey, nurtured through the Technology Applications Incubator under the Nile Pioneers Initiative and supported by the Suez Canal Bank, now sets its sights on further growth, leveraging investments to enhance its operations and extend its reach. Stay tuned as Boyot continues to reshape the real estate landscape, one innovative solution at a time.

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Charles Rapulu Udoh

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

Real Estate Firm Invests In Egyptian Fintech Startup Boyot In New Funding Round

June 17, 2022

Boyot, a startup located in Egypt that provides an end-to-end operating system for payments and financial services focusing solely on the real estate industry, has raised a six-figure pre-Seed round lead by a Kuwait-based real estate firm.

The startup plans to use the fresh money to increase its client base, hire across tech and business, and invest in product technology.

Later this year, the business plans to build an office in Kuwait.

A Look At What The Startup Does

Boyot, founded in 2020 by Mahmoud El Sabongy (CEO), Khaled El Refaay (CTO), and Mohamed Sayed, enables real estate enterprises to digitise their complete payment operations, allowing them to trace the status of their customer payment from the moment it is planned until the moment it is settled. Furthermore, businesses can use current application programming interfaces (APIs) to create and market financial solutions such as buy now, pay later (BNPL).

“Poor cash flow management is one of the key challenges hurdling the growth of small and medium-sized businesses (SMBs) operating in the local real estate market in Egypt. About 85 per cent of merchants don’t get their receivables through cheques. Instead, they either send out agents to perform cash transactions or get the payment through a bank transfer. Irregular cash collection methods ultimately translate into lower margins. As merchants scale, the payment collection process becomes more and more complicated and far from straightforward, leaving businesses struggling with inconsistent gains,” says ElSabongy.

In May, the startup formally began commercial operations. Shortly after, it signed its first corporate client, Misr Asset Management Company, the real estate arm of Misr Insurance Company.

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Charles Rapulu Udoh