Egypt’s Disruptech Receives Funding from Madagascar’s AXIAN Group

Egypt-based Disruptech, a fintech-focused VC fund, has secured funding from Madagascar-based AXIAN Group.

DisrupTech was founded by a diverse team of financial technology veterans and entrepreneurial investment professionals with experience in Egypt and internationally. DisrupTech was established to support early-stage Fintech and Fintech-enabled digital services startups with a focus on Egypt.

The fund supports these start-ups from the seed-round investments through scaling and eventual growth. The fund manager’s commitment to helping grow Egypt ́s fledgling fintech industry aligns with its broader mandate to expand access to financial services across the country, bolstering financial inclusion and supporting economic growth in Egypt.

Disruptech and AXIAN Group’s belief aligns as both entities are driven by the belief that fintech can bring efficient solutions to the market that address social issues. AXIAN ́s commitment to Disruptech underscores its strategy, which posits that advances in innovation and disruptive technologies can improve people ́s day-to-day lives. This investment is fully-aligned with AXIAN group’s mandate to grow within the digital economy by promoting innovation-as-a-service to the communities it serves and by making new innovative solutions more accessible to the public. With AXIAN already present in several countries across Africa, the partnership with Disruptech will create a platform to identify synergies between its brands and start-ups in the Egyptian fintech and digital economy.

Disruptech’s managing partners, Mohamed Okasha said, “We are thrilled with our partnership with Axian. Egypt is full of bright, talented founders but too often, they cannot secure the capital they need to expand their businesses. This fund is designed to change that and support drive the development of Egypt’s fintech/fintech-enabled sector.

Speaking on the investment in the light of the prospects that the Egyptian economy bears, Hassanein Hiridjee, CEO of the AXIAN group said, “The Egyptian economy is one of Africa ́s fastest-growing markets. It bears witness to the talent and resilience that are so central to our spirit as Africans. Through this investment, AXIAN is voicing its support for businesses to push the boundaries of technology, to reinvent themselves, or adapt today ́s technology to what challenges the future may hold. This way, we can continue to build bridges for the sharing of skills and innovation that serve broader financial inclusion across Africa.”

This investment is not the first Disruptech is getting this year, in March the VC Fund secured $5 million from the International Finance Corporation to support development in Egypt’s fintech sector and help expand access to financial services in the country.