PayMint, an Egypt-based fintech startup, recently obtained seed funding from AUR Fintech, an AUR Capital subsidiary, to help it expand its fintech operations in Egypt and better serve the country’s small and medium-sized enterprises (SMEs).

PayMint launched in 2019 to assist small and medium-sized enterprises with financial technology services such as payroll, working capital, and supplier payments.

“We are so proud of our partnership with AUR fintech,” Said Mohamed Rabie, PayMint CEO “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.”

According to Rabie, PayMint intends to use the new fund to broaden the scope of its services to include additional corporate payments and new services for corporate beneficiaries, as well as other financial services that would improve the financial inclusion of beneficiary organizations or individuals.

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

“We believe the future of our society is Technology, and the Future of SMEs’ financial transactions is PayMint,” Mohamed Farouk Chairman of AUR Fintech said. 

A Look At What The Startup Does

PayMint was founded in 2019 by a group of banking and technology experts with over seventy years of experience, with Mohamed Yahya, the co-founder, holding a position in one of the largest electronic payment companies, and the co-founding experts including former officials in government agencies as well as the Efinance Investments Group Finance, and Mohamed Rabie, the company’s CEO, holding several positions in product development at Al-Ahly Bank.

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Rabie stated that his company is working to take advantage of the good ecosystem, particularly in the fintech industry, in order to advance and improve its services, as PayMint expects to give over 150,000 Miza cards to beneficiaries by 2022 after obtaining the necessary approvals.

Mohamed Yahya, Vice Chairman of PayMint, praised the Central Bank of Egypt’s actions in light of the Egyptian government’s directions to support startups, including the release of the report, which shed light on the latest developments in Egypt’s fintech ecosystem, and the initiatives issued by the Central Bank in this context, indicating that the matter has shifted from a mere vision for the future to actual deliberate steps to develop the market and connect all parties.

He predicts that the fintech market will experience rapid expansion, and that Fintech Egypt, a Central Bank of Egypt project, would play a key role in supporting this sector and connecting the entire ecosystem.

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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