Local ins. startup Amenli raised USD 2.3 mn in its latest funding round led by the European Bank for Reconstruction and Development’s venture capital arm with additional funding from existing investor Y Combinator, according to a press release.

Where will the funds go? The funds will help the company enhance its technological infrastructure, broaden its distribution channels, and invest in digital product development.

Amenli: Founded in 2020, Amenli is an online ins. brokerage that connects individuals and SMEs with ins. providers. The startup aims to increase ins. penetration in the local market to 5% to USD 20 bn in market size.

Leveraging AI solutions: “With our technology infrastructure firmly established, we're now focused on evolving it with advanced capabilities, including AI-driven innovations. This approach allows us to amplify efficiencies within our operations, elevate the customer experience, and drive intelligent automation at scale,” co-founder and CTO Adham Nauman said.

A FINTECH REGULATORY SANDBOX-

Fintech regulatory sandbox announced during Cairo ICT: The Financial Regulatory Authority launched a regulatory sandbox for the non-banking financial sector, allowing startups to test innovative solutions under regulatory oversight, authority head Mohamed Farid said during Cairo ICT 2024.

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