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Proparco invests $5 million in Egypt’s fintech sector

Felicia Akindurodoye by Felicia Akindurodoye
May 16, 2023
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Proparco invests $5 million in Egypt’s fintech sector
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An investment was made by Proparco in an early-stage venture capital fund controlled by DisrupTech Ventures. This investment is intended to assist the growth of Egypt’s fintech sector and contribute to the expansion of access to financial services throughout the country.

DisrupTech is an initiative that aims to provide start-up funding to up to 28 companies that are primarily focused on providing financial technology services. Proparco has invested $5 million in this endeavour. 

The investment vehicle was able to secure $36 million in capital from a variety of backers, which included family offices, funds-of-funds, and development finance institutions. Egyptian IT companies, which frequently have trouble raising funds to put their discoveries to market, will find this to be a significant source of finance and use it to their advantage.

It is imperative that Egypt speed up its digital transition and increase the number of people who have access to financial services such as depositing money and paying their bills. 

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In the meantime, the quantity of venture capital that is available in Egypt is just a fraction of what is usual for emerging markets, despite the fact that it has increased significantly over the course of the last few years.

In addition to providing financial backing, DisrupTech will also offer guidance and assistance in the form of mentoring to the companies that it backs.

Read also: Acasia ventures leads Balad’s seven-figure pre-seed round

Remarks From Chief Executive Officer at Proparco

“Egypt is full of bright, talented founders but too often, they cannot secure the capital they need to expand their businesses; we are always excited about supporting entrepreneurs, increasing access to financial services and contributing to Egypt’s growth,” said Mohamed Okasha, Managing Partner from DisrupTech Ventures.

“We are pleased to partner with DisrupTech Ventures, which has already become one of the leading early-stage investors in Egypt. Thanks to its company-building track record and domain-specific expertise, DisrupTech is bringing much needed support to young companies in the region. This is in line with Proparco’s strategy to maximize impacts and to finance innovation, by fostering the emergence of a dynamic venture capital industry to back African entrepreneurs” added Françoise Lombard, Chief Executive Officer at Proparco.

The goal in establishing DisrupTech was to provide early-stage Fintech and Fintech-enabled digital services entrepreneurs with support, with a particular emphasis on Egypt. The team takes a hands-on approach from the very beginning, teaming with outstanding businesspeople to make their vision a reality and adopting a hands-on strategy. One of its primary goals is to play a catalytic role in bringing about a larger-scale transformation of the ecosystem of financial services in Egypt.

DisrupTech was established twenty-four months ago, and it has already put forty percent of its total fund size into early-stage technological companies. DisrupTech was established by an eclectic group of seasoned individuals in the fields of financial technology and entrepreneurial investment who have experience working both domestically and internationally.

The investment that Proparco has made in DisrupTech is a part of its Venture Capital programme. Since the year 2020, the company has used this programme to invest over €120 million in African early-stage firms and venture capital funds.

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Why DisrupTech Was Established

The goal in establishing DisrupTech was to provide early-stage Fintech and Fintech-enabled digital services entrepreneurs with support, with a particular emphasis on Egypt. The team takes a hands-on approach from the very beginning, teaming with outstanding businesspeople to make their vision a reality and adopting a hands-on strategy. One of its primary goals is to play a catalytic role in bringing about a larger-scale transformation of the ecosystem of financial services in Egypt.

DisrupTech was established twenty-four months ago, and it has already put forty percent of its total fund size into early-stage technological companies. DisrupTech was established by an eclectic group of seasoned individuals in the fields of financial technology and entrepreneurial investment who have experience working both domestically and internationally.

The investment that Proparco has made in DisrupTech is a part of its Venture Capital programme. Since the year 2020, the company has used this programme to invest over €120 million in African early-stage firms and venture capital funds.

Tags: Egypt’s fintech sectorProparco
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

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