The investments – each reportedly a six-figure USD deal – are the first in Okasha’s goal to support startups capable of disrupting financial services.
Disruptech, the $25 million fintech fund launched by Fawry co-founder and former managing director Mohamed Okasha and industry veteran Malek Sultan, just announced its first two investments to Egyptian fintech startups Khazna and Brimore, each reportedly worth a six-figure USD deal.
Founded just last year, Khazna aims to cater to the 20 million underbanked Egyptians by providing online financial services for people who don’t have regular access to formal banking services, but have access to smartphones. Their main concept is to give users the opportunity to pay, save, borrow and insure, in many cases, eliminating the need to physically go to the bank.
Brimore was founded in 2017 as a platform for broad, cost-efficient market access. The tech-powered retail distribution platform allows manufacturers direct access to local communities who can both promote and consume their products. Consolidating sales, marketing and distribution into one transaction, Brimore has also built a nationwide network of almost entirely female distributors, meeting a demand for high-value jobs and the ability to work from home.
“We are pleased to start investments in Egypt with two startups that have demonstrated clear long term potential for growth: smart founders with strong execution capabilities who are disrupting traditional markets with easy to use technology and scalable business models,” said Okasha on the investments. “At a time when many are concerned about the impact that COVID-19 will have on the startup-community, Disruptech feels confident that companies aiming to disrupt financial services will come out on the winning end,” he added.
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