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Egypt-based FinTech and E-payment solutions platform KIWE closed ITS first investment round, led by dfin Holding with participation from EFG Hermes, Marakez for Development, and notable angel investors.
Founded in 2019, KIWE is on a quest to create a cashless ecosystem through a comprehensive merchants network, providing customers with the safest, simplest, and most engaging payment experience. Through a consolidated platform and seamless payment solutions, KIWE has set forth to empower freelancers and business owners by helping them identify their targets, level up their customer experience, and accept online/offline payments.
Early-Stage funding rounds (< $500K) backing Egypt-based FinTech startups have recorded a 42% increase YoY, marking a healthy future deal flow for the Egypt-based sector. As recorded in our Q3 2021 EVM FinTech Venture Investment Report emerging Venture Markets like Egypt and Pakistan, have been capitalizing on a wide demographic of unbanked communities observing a spike in digital and E-payment adoption. In doing so, emerging ventures such as Kashat and Telda have closed Early-Stage rounds this year to design innovations in neo and alternative banking, while payment solutions platforms like KIWE and dopay have also raised launch funds to provide seamless digital payment solutions for businesses and individuals.
Through this strategic consortium of investors, dfin aims to catapult the growth of KIWE by deploying dfins’ tech-based financial services portfolio, utilizing EFGs’ Valu as a key payment method, and rolling out across Marakez’s portfolio of commercial and residential projects. This strategic investment and power partnership fit within dfins’ mission towards a stronger E-payments future, alongside current investor EFG EV Fintech.
All sectors included the latest investment channels within efforts to transform Egypt’s economy into a contactless-cashless pioneer in the payments industry while adhering to the Central Bank of Egypt’s (CBE) regulations and the state’s digital transformation policies. The fund will allow KIWE to further develop its platform and Tech stack, allowing it to roll out new features to make its FinTech offering more comprehensive and wider spread.
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