The fund’s goal is to support startups with the potential for success within two years, and are immune to the onslaught brought on by the coronavirus crisis.
Mohamed Okasha, co-founder of Middle East fintech leader Fawry, has just launched his own fintech fund sized at $25 million, with the aim of bolstering Egyptian tech startups who can demonstrate both viability and resilience to the COVID-19 crisis.
The fund’s blueprints had already been in the works months prior to the pandemic, and the launch happened to coincide at a time that support systems desperately needed to be put in place for startups to both survive the crisis and capitalise on the opportunities it presents.
“With the changes in the e-commerce market speeding up, I was more and more confident that this is the right time to launch,” said Okasha. “I believe that after the crisis is over, fintech will be a main winning segment of the economy.”
The pandemic has stirred several turning points to various industries; on the top of that list are e-commerce and fintech, with a higher demand than ever for contactless mobile payments.
The fund will invest in both early and later-stage Egyptian fintech startups. Leading the fund alongside Okasha is board member of Raya Holding Malik Sultan, with more venture capital figures to join later on.
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