STARTUPS-

A new digital payments player on the block: Fintech startup Axis has launched its AxisPay mobile wallet in the local market after gaining a digital banking license from the Central Bank of Egypt and partnering with Visa and Fawry on the product, according to a press release (pdf) and a report from TechCrunch. Axis is launching after raising USD 8.3 mn in seed funding 18 months ago, in a round co-led by Tiger Global, Sawari Ventures and Raba, with participation from Firstminute Capital, RaliCap, and several angel investors, according to TechCrunch. The firm is targeting offering payroll services to some 5k local SMEs with a combined 80-100k employees by the end of 2023 and also hopes to launch SME financing, co-founder and CEO Jacques Marco is quoted as telling the news outlet.

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