STARTUPS-

B2B pharma e-commerce platform Grintahas reportedly acquired Alexandrian competitor Autocure, Al Borsa reports citing Grinta CEO Mohamed Azab. This is Grinta’s third acquisition in Egypt since it was established, the news outlet reports, without providing more information.

ICYMI- We interviewed Azab back in January, when he told us that Grinta had so far raised USD 9.5 mn in investment.

FINTECH-

Ostoul wants a digital bank: Ostoul Securities Brokerage is in negotiations to partner with an unnamed foreign investor to apply for a license to establish a digital bank, company chair Aly El Ghannam is quoted as telling Al Borsa. Ostoul is also expecting to launch new online services by early 2024 and wants to increase its Gulf customer base, Al Ghannam added.

REMEMBER- The Central Bank of Egypt recently published new licensing rules for digital banks, stipulating that digital banks need at least EGP 2 bn in capital to receive a license and EGP 4 bn to be able to finance large companies. Ostoul is the most recent fintech to announce its intention to apply for a license, following China-based OPay. Banque Misr last week said it plans to launch Egypt’s first digital bank in 1Q 2024.

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