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Egyptian fintech Join Cash raises  million seed for its embedded finance platform

Egyptian fintech Join Cash raises $8 million seed for its embedded finance platform 

Egyptian fintech Join Cash has raised $8 million in a seed spherical led by Disruptech Ventures, Algebra Ventures, and Lorax Capital Companions, with further participation from One Cease and MDP, it introduced in an announcement right this moment.

The startup was based in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, who beforehand based Egyptian loyalty options supplier Dsquares in 2012 and cashback app Fortunate One in 2019. Ayman Essawy is main Join Cash as firm’s CEO, Marwan Kenawy serves as Dsquare’s CEO, and Momtaz Moussa is the CEO of Fortunate One.

Fortunate One had began as an organization inside Dsquares but it surely appears Join Cash is totally impartial, beginning with a very recent cap desk. Fortunate One/Dsquares has raised over $50 million in whole funding.

Join Cash has developed a white-label card issuing platform that permits companies to supply debit and bank cards with out constructing their very own fintech infrastructure or acquiring regulatory licensing. The startup has already issued over 300,000 playing cards thus far, based on an organization assertion.

The platform affords end-to-end managed providers, together with card issuance and distribution, KYC administration, buyer assist, fraud monitoring, and different banking back-office operations. It additionally affords cellular banking app improvement and handles installments operations administration for shoppers which will need to provide its PayLater characteristic to their prospects.

The companies utilizing Join Cash also can provide rewards, cashback, and reductions from over 20,000 of its companions, to their prospects. The startup has leveraged its Fortunate One and Dsquares expertise and community to supply this.

Join Cash’s platform helps a number of card schemes, together with Visa, Mastercard, and Meeza, the native fee scheme for transactions inside Egypt.

The funding will allow Join Cash to launch 5 new enterprise verticals in Africa and the Center East. The corporate plans to proceed its progress in current markets reminiscent of Egypt and Morocco whereas additionally accelerating new market entries with a main concentrate on Africa. The funds will likely be directed in the direction of fueling innovation, enhancing know-how capabilities, and increasing their providers.

Ayman Essawy, Co-founder and CEO of Join Cash, commented on the funding: “We’re immensely proud to announce the closure of our seed funding spherical, a testomony to the arrogance and assist prolonged by our buyers. This vital seed funding underscores our hyper-growth potential as we try to get rid of current ache factors for companies aiming to develop into financially enabled.”

Mohamed Okasha, Managing Companion of Disruptech Ventures, said: “We’re proud to companion with Join Cash to revolutionize embedded finance in MENA. Join Cash’s experience, deep market information, and cutting-edge built-in tech will enormously improve accessibility and effectivity in monetary providers, benefiting the fintech-enabled ecosystem and reworking banking operations whereas positioning Egypt as a worthwhile hub for exporting embedded finance providers.”

Omar Khashaba, Normal Companion at Algebra Ventures, added: “Ayman is an unimaginable entrepreneur who has co-founded among the most profitable startups in MENA, together with Dsquares and Fortunate. We have been a part of his journey because the very starting and are excited to be backing him as soon as extra as he addresses an enormous fintech infrastructure hole within the area.”

The opposite notable startups working within the house within the Center East, embrace NymCard, which has raised over $35 million in whole financing thus far, and SimpliFi.

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