Paynas, five lenders enter final stage talks for loans

Egyptian fintech startup Paynas is in final talks with five venture capital funds over financing agreements it expects to secure by 3Q2019, CEO Mohamed Mounir told Al Mal. The company will use the financing to fund expansion plans, which include developing its technology infrastructure to expand its client base across the country, Mounir said. The company, which provides a cloud-based platform used to manage banking, HR, and employee benefits, was awarded USD 50k last month as the winning prize at Seamless North Africa 2019.