News
Incorta hires Wael Fakharany to lead international expansion
SAN MATEO, CA – Incorta, the real-time analytics platform has announced that it hired international sales executive Wael Fakharany as vice president and general manager of its operations in Europe, the Middle East and Africa (EMEA).
Fakharany will drive go-to-market strategies and operations in EMEA for Incorta, including development of the company’s first international channel sales model globally.
Prior to Incorta, Fakharany spent only six months with Careem as Managing Director Egypt, after nine years with Google EMEA, where he held several senior roles: regional lead for Google X, a semi-secret technology division dedicated to making the world a better place by developing radical solutions – such as driverless cars – to today’s huge problems; head of Google Middle East and Africa; and head of Google Egypt. Fakharany also previously held channel and sales management roles with Oracle Egypt, IBM Egypt, and 3Com Middle East and North Africa (MENA).
“Wael possesses exactly the right attitude, energy, and experience to lead our international expansion,” said OSAMA ELKADY, chief executive officer and co-founder of Incorta.”We were immediately impressed by his natural, seemingly effortless ability to architect deals that benefit everyone involved. That’s an incredibly rare, must-have skill when developing a channel sales model. Add to that his vast experience building successful go-to-market strategies for innovative new technologies, and you have a skillset that’s tough to beat.”
Incorta’s enterprise analytics technology lets organizations make faster, better-informed decisions that improve business results. With Incorta, analysts no longer struggle to manually analyze business data and are freed from using analytical tools that slow to a crawl when faced with billions of rows of data.
“Traditional enterprise analytic tools force end users to involve a developer, then a data architect, and then a data analyst every time they want to create or modify a report,” said Fakharany.
“By the time the report reaches the end user, information is outdated, and it’s likely the business need already has changed. Incorta turns this stunted model on its head. It lets business users immediately access and utilize their data on their own, in a self-service manner, in real-time. I’m excited to recruit and educate partners on this modern analytics platform, which allows them to help clients unleash hidden insights within their data in order to better improve operational performance and differentiate from competitors.”
Incorta’s Direct Data Mapping™ engine aggregates large, complex business data in real time, eliminating the need for costly join operations. This innovative approach is the first of its kind and the only one to deliver true “information freedom” by enabling ad-hoc, self-service analytics. Incorta customers who rely on Direct Data Mapping to gain secure, sub-second access to meaningful business insight include one of the three largest consumer electronics companies, a top 10 U.S. university, Broadcom, StitchFix, and Toast.
Fakharany concluded,
“Technology is something I’m passionate about and something that always fascinated me as a young boy growing up in a middle-class family in Egypt. It’s incredible what Incorta does — empowering any user on any device at any time to answer any business question. With its revolutionary approach, Incorta is well-positioned to meet any and all future expectations for enterprise analytics, which I expect to change drastically over the next few years.”
This news comes on the heels of several major announcements from Incorta. In the past five months, Incorta:
completed a $10 million Series A round of financing led by GV (formerly Google Ventures);
added three industry leaders to its advisory board — Google head of user growth and analytics Ken Rudin, former Oracle chief financial officer Jeff Epstein, and former Informatica executive vice president and chief marketing officer Margaret (Marge) Breya; and
hired former EMC/RSA and Ionic Security veteran Mike Rogers to lead global sales.
Fakharany holds a Bachelor of Science degree in Electronic Engineering from Cairo University.
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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