News
A15 invests in Fintech startup ‘PayMob’ to empower the digital and Internet economy
Egypt, Cairo, September 2016, A15, a leading technology investor, announced today its new investment in PayMob, a leading Payment Service Provider that provides payments infrastructure for banks & mobile operators to achieve the collective vision of an advanced cashless society. PayMob leverages all existing channels to develop innovative technologies aiming to convert cash into electronic payments.
“We are very optimistic about this strategic investment and the future of this partnership,” said A15’s CEO, Fadi Antaki. “This investment decision was made, well, because it solves a real problem, we were also really impressed by the PayMob team’s ability to generate substantial growth with limited resources.” A15’s CEO, Fadi Antaki added. “PayMob’s team is currently processing millions of transactions and hundreds of millions of dollars per year, the company achieved a 75x growth rate in first two quarters of 2016 and plans to reach 200x before the end of the year.”
During the product’s early days the PayMob team was focused on increasing their merchant base as well as refining the company’s product offerings to guarantee providing high value to all their stakeholders. PayMob recently came out from product validation and traction phase and is now available to all stakeholders as a one-stop shop for payment acceptance. The company empowers merchants with services and guidance to improve and facilitate their payment collection cycles whether through online payment, in-app, in-store, mobile wallets and/or cash collection.” We are empowering merchants to never miss a transaction”, said PayMob’s, CEO, Islam Shawky PayMob’s, COO, Alain El Hajj, shed light on the company’s product development plan, “PayMob is on a constant quest of developing innovative models for digitizing payments pushing forward the payments ecosystem at large and increasing financial inclusion.”
“Joining forces with A15 made perfect sense; considering A15’s reach and experience in electronic payments with mobile operators. We are also thrilled to be working with A15 on truly reaching our growth potential and achieving strategic plans and vision”, said PayMob’s, CEO, Islam Shawky.
Recent studies confirm the growth of electronic commerce sector in Egypt, which encouraged A15 to back PayMob as a provider of a key piece of infrastructure needed to accelerate the digital and internet economy in Egypt. “We are excited about this partnership as it supports our mission which is empowering local digital businesses to support the country’s GDP and create more jobs. Our investment in PayMob as a leading payments service provider directly strengthens and accelerates the growth of the digital and internet economy, which is expected to see exponential growth. One study conducted by euromonitor states that e-commerce in Egypt is expected to more than triple by the end of 2016. Another study conducted by global entrepreneurship library stated that Egypt ranked number 12 in the world in terms of the best markets to invest in internet-based ecommerce. The Egyptian population is becoming more bankable day in and out, as according to Central Bank of Egypt; credit cards grew by 40% and debit cards grew by 36% since 2010.All this could present a perfect opportunity for PayMob”, said A15’s CEO, Fadi Antaki.
A15 is an entrepreneurial company that invests in digital products and technology brands.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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