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Raseedy Launches Egypt's First Independent Digital Wallet

Partnering with Saib Bank and Mastercard, the startup has become the first and only independent entity to be granted a license to launch a digital wallet.

Egyptian e-payment startup, Raseedy (not to be confused with Egyptian telecom consumption tracking startup Raseedi), has become the first independent company in the country to be granted a licence to launch a digital wallet. The news comes after the startup partnered with Saib Bank and Mastercard to establish the Meeza-certified wallet, allowing users to transfer and receive money from any digital wallet in Egypt.

“We believe that it is our mission at Raseedy to improve our users’ lives by giving them more control and visibility over their finances,” co-founder and CEO, Jacques Marco, said of the landmark moment. “With the government’s push towards financial inclusion and digital transformation, launching our independent wallet now is the prime opportunity for Raseedy. We are excited to see our wallet hit the one-million users’ milestone in the coming months.”

Marco founded Raseedy alongside his brother, Karl, in 2018 and the sibling co-founders have since developed a cash-in/cash-out network 14,000+ ATMs and 70,000+ POS across Egypt. Functioning both B2C and B2B, Raseedy offers a number of services, all under the umbrella of financial inclusivity. Users can transfer money back and forth, use QR codes for purchases, pay bills, use virtual debit cards and receive remittance. The startup also offers disbursement and collection solutions, tailored for payroll and microfinance-specific use by its business partners.

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