Egypt-based fintech startup- PayMint has raised seed funding of 7 figures from AUR Fintech- a subsidiary of AUR Capital, to support PayMint’s expansion plan in fintech and SMEs’ financial inclusion in the Egyptian market.
Launched in 2019 by Mohamed Yahya and Mohamed Rabie, provides financial technology services to small and medium-sized companies, primarily salary payments, working capital financing, and supplier payments.
Speaking on the funding, PayMint CEO, Mohamed Rabie said, “We are so proud of our partnership with AUR fintech. “We are looking forward to utilizing this round in our expansion plan to enhance our fintech services for SMEs and provide a wide range of microfinance in addition to bill payments.”
PayMint will also deploy the new fund to expand the scope of its services to include more corporate payments and provide new services to corporate beneficiaries as well and other financial services that would enhance the financial inclusion of beneficiary companies or individuals, in a way that promotes comprehensive and sustainable economic growth, according to Rabie.
Rabie pointed out that his company works on getting an advantage of the positive ecosystem, especially in the fintech field to step further and enhance its services as PayMint plans to issue over 150,000 Miza cards for beneficiaries through 2022 after getting needed permissions.
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 commented.
Mohamed Kammoura AUR Fintech’s Head of Investments also said, “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.”-
PayMint was established 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.
