Co-founder of Fawry Launches $25 Million Fund to Support Egyptian Fintech Startups
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.
