Innovative Egyptian Fintech Cayesh Secures Funding from Visa at Seamless North Africa
Visa, the prominent global payments technology company, has proudly declared Cayesh as the victorious contender in the fintech Start-Up competition at Seamless North Africa. As the platinum sponsor of Seamless, North Africa’s most significant event encompassing payments, fintech, and banking innovation, Visa participated under the patronage of the Prime Minister of Egypt, H.E. Dr. Mostafa Madbouly, and with the support of the Central Bank of Egypt. This momentous two-day occasion brought together distinguished representatives from the financial world to explore industry trends and the future of monetary systems.
The Start-Up competition, organized by Visa, garnered an impressive 70 applications from aspiring fintech entrepreneurs. Out of the numerous contenders, five innovative start-ups were shortlisted for the final pitch off round, namely Kashnow, Synapse, Fuelin, Spare, and the ultimate winner, Cayesh.
Established in 2020, Cayesh stands as a fintech enterprise that caters to supply chain stakeholders, facilitating the availability, management, and mobilization of working capital through cutting-edge technology, expertise, and operational prowess.
The coveted award, a grand prize of $50,000, was presented to the victorious start-up by none other than Malak El Baba, Visa’s Country Manager for Egypt, in recognition of their exceptional accomplishments.
Emphasizing Visa’s steadfast commitment to supporting fintechs, Malak El Baba remarked, “At Visa, we firmly believe that fintechs and start-ups serve as powerful catalysts for innovation. Collaborating with these brilliant minds leads to the development of more ingenious solutions. We are truly impressed by the exceptional talent and innovative ideas here in Egypt, and we are thrilled to celebrate their achievements and collaborate with them to enhance access to the digital economy, particularly for the underserved and the unbanked.”
The judging process for the competition winners took into account various essential factors, including their business model, scalability, and market fit. Additionally, their number of employees, foundation date, number of users, uniqueness within the sector, target audience, subject-matter expertise, and thought leadership role in the industry were all meticulously evaluated.
Visa Inc. (NYSE: V) remains a global leader in digital payments, expertly facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Their mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, promoting the prosperity of individuals, businesses, and economies. They firmly believe in inclusive economies that uplift everyone, everywhere, and consider access as a foundational pillar in shaping the future of money movement.
Source: afrikanheroes
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