FintechFunding

Egyptian Fintech Startup PayMint Completes 7-Figure Seed Round For Expansion

Story Highlights
  • The seed round, which was led by AUR Fintech, a subsidiary of AUR Capital, will be used to support the startup’s expansion objectives in the Egyptian market, as well as broaden the scope of its services.

PayMint, a financial technology company founded by Mohamed Yahya and Mohamed Rabie in 2019, offers SMEs salary payments, working capital finance, and supplier payments.

PayMint’s CEO, Rabie, remarked, “We are really happy of our relationship with AUR Fintech.” “We’re excited to use this investment as part of our development plan to improve our fintech services for SMEs and offer a variety of microfinance options in addition to bill payment.”

Mohamed Yahya, Vice Chairman PayMint praised the steps taken by the Central Bank of Egypt in light of the Egyptian state’s directions to support startups, including the launch of the report, which shed light on the latest developments in the fintech ecosystem in Egypt, and the initiatives issued by the Central Bank in this context, reflecting that the matter has shifted from a mere vision in the future to actual deliberate steps to develop the market, link all parties to the system, and study everything related, building startups, to matters related to the founders and the requirements for building the market.

He forecasted that the fintech market will notice huge growth rates and Fintech Egypt -the Central Bank of Egypt initiative- will play a major role to support this sector and linking the whole ecosystem together. 

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

“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.

PayMint was established in 2019, by a group of banking and technology expertise with accumulated years of experience more than seventy years, where Mohamed Yahya, the co-founder held a position in one of the largest electronic payment companies, and the co-founding experts included former officials in government agencies as well as the Efinance Investments Group Finance, and Mohamed Rabie, CEO of the company, held several positions in product development at Al-Ahly Bank earlier, and he was also a business development consultant for an international company specialising in electronic payment.

Source
Wamda

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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