Egyptian Fintechs - Afrikan Heroes

Over $500K Up For Grabs For Egyptian Fintechs

January 11, 2022

Orange Ventures has launched submissions for its Seed Challenge, which will see the VC firm grant €500k in capital to one fintech startup from Egypt. This comes less than a month after the VC launched its Orange Digital Centre in Cairo.

Orange Ventures is the Orange Group’s corporate venture capital arm, with €350 million under management and offices in Paris, Dakar, and Cairo. Orange Ventures focuses on investing in creative entrepreneurs in Orange’s strategic fields of interest, which are mostly in Europe, the Middle East, and Africa.

It provides access to the Orange Group’s experience and the opportunity to create synergies with the Orange Group’s many sales divisions and 262 million customers spread across 26 countries to the companies in which it invests.

Seed-stage fintech businesses based in Egypt that have raised less than €1 million in total equity capital are eligible to apply.

Aside from the financing, the winning firm will be invited to join the Orange Digital Centre for six months, where they will have access to workspace and mentoring programs, as well as the opportunity to present to Orange Egypt’s executive committee and discuss cooperation options.

The Orange Ventures seed challenge application deadline is February 15th, and you may apply here.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Egyptian Banks Roll Out A New $63.6m Fund For Fintech Startups

September 29, 2021

Several Egyptian state-owned banks will join forces next month to launch a $63.6 million fund to encourage fintech startups, as part of a new push to strengthen the local sector and bring more people into the formal economy, an official statement has stated.

The fund will be founded on President Abdel Fattah El Sisi’s orders by the National Bank of Egypt, Banque Misr, and Banque du Caire, with a minimum capital of EGP 1 billion ($63.6m), according to the release. The fund is open to participation from other financial institutions.

The fund will support both Egyptian fintech startups and international companies looking to enter the Egyptian market. It will also aim to enable new fintech applications that will make the process of offering and delivering financial services easier.

The fund is timed to coincide with new regulations aimed at growing Egypt’s fintech sector: Last year’s Banking Act and draft laws drafted by the Financial Regulatory Authority aim to solidify Egypt’s position as a fintech hub in the MENA region, while also promoting financial inclusion among the general public, which is a significant driver of investor interest in the sector.

The Banking Act addressed some of the industry’s regulatory concerns by establishing a process for the licensing of e-payments and fintech companies, as well as providing a framework for the licensing of digital banks for the first time. The FRA bill, which is currently being debated by parliamentarians, will establish new licensing and supervisory authorities for nanofinance, crowdfunding, robo-advisory, and insurtech enterprises.

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