{"id":559488,"date":"2021-01-24T03:39:05","date_gmt":"2021-01-24T03:39:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/2020-was-a-good-year-for-egypts-fintech-scene\/"},"modified":"2021-01-24T03:39:05","modified_gmt":"2021-01-24T03:39:05","slug":"2020-was-a-good-year-for-egypts-fintech-scene","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/2020-was-a-good-year-for-egypts-fintech-scene\/","title":{"rendered":"2020 was a good year for Egypt\u2019s fintech scene"},"content":{"rendered":"

Fintech flourished in Egypt in 2020 despite covid-19\u2019s negative impact on funding<\/strong>, writes Citibank\u2019s Vice President of Europe, the Middle East and Africa strategy Michel Assaad for Wamda<\/a>. Though health and transport startups managed to raise the biggest total sum of funds last year, 2020 saw the launch of a number of exclusively focused fintech funds including the USD 25 mn Disruptech<\/a>, and the Central Bank of Egypt\u2019s EGP 1 bn fintech fund<\/a>.<\/p>\n

Our Enterprise tracker counts 49 investments in Egyptian startups last year<\/strong>, with fintech just edging out e-commerce as the most popular sector with investors. VCs made commitments to 12 fintech outfits and 11 e-commerce plays in 2020. Tap or click here for the full rundown here.<\/a><\/p>\n

Legislation and milestones: <\/strong>The passing of the Banking and Central Bank Act<\/a> provided a regulatory framework for the operation of digital payments, banks, and currencies, providing more certainty as the industry grows, Assaad writes. 2020 also saw the launch of Egypt\u2019s first independent e-wallet provider, Raseedy<\/a>, as the number of mobile wallets jumped 17%<\/a> between March and October last year thanks to increased reliance on digital payments because of covid-19. Fawry became Egypt\u2019s first unicorn<\/a> after achieving a market capitalization of USD 1 bn, while a number of partnerships (Paynas and Banque Misr<\/a>, Visa and Fawry<\/a>) helped propel the industry ahead as big banks and companies help up-and-coming fintech players \u201cexpand their footprint,\u201d Asaad says.<\/p>\n

What should we expect moving forward?<\/a><\/strong>: <\/strong>A number of fintech IPOs are in the pipeline, having been postponed during a turbulent 2020, including non-banking financial services platform Ebtikar, which is planning an IPO of a 25-30% stake in the company some time in 1Q2021<\/a>, while state-owned e-payments platform e-finance<\/a> could debut as soon as 2Q2021. Raya subsidiary Aman Holding<\/a> is reportedly also planning an EGX debut in the coming two years. 2021 could also see the growth of digital banks<\/a>, as well as a growth in the mining and use of bitcoin and regulation governing cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fintech flourished in Egypt in 2020 despite covid-19\u2019s negative impact on funding, writes Citibank\u2019s Vice President of Europe, the Middle East and Africa strategy Michel Assaad for Wamda. Though health and transport startups managed to raise the biggest total sum of funds last year, 2020 saw the launch of a number of exclusively focused fintech […]<\/p>\n","protected":false},"author":1,"featured_media":559489,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7323],"tags":[616,3679,576,271,294,1345,339,138,72,519,183,1313,666],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-aman-financial-services","tag-banking-act","tag-banque-misr","tag-central-bank-of-egypt","tag-citigroup","tag-disruptech","tag-e-finance","tag-ebtikar","tag-enterpriseam","tag-fawry","tag-fintech","tag-paynas","tag-visa","wpautop","entry"],"acf":{"mongo_id":"e06b1745-5fd0-41e1-b815-c2d58ccad614","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/285.jpg","photo_position":"above","related_issue":[559472],"teaser":"","voice_url":""},"yoast_head":"\n2020 was a good year for Egypt\u2019s fintech scene - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/2020-was-a-good-year-for-egypts-fintech-scene\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2020 was a good year for Egypt\u2019s fintech scene\" \/>\n<meta property=\"og:description\" content=\"Fintech flourished in Egypt in 2020 despite covid-19\u2019s negative impact on funding, writes Citibank\u2019s Vice President of Europe, the Middle East and Africa strategy Michel Assaad for Wamda. 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The USD 25 mn fintech fund is also in negotiations with local and international banks and institutions to contribute to the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571810,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/01\/disruptech-to-invest-usd-5-mn-in-fintech-startups-this-year\/","url_meta":{"origin":559488,"position":2},"title":"Disruptech to invest USD 5 mn in fintech startups this year","author":"enterpriseam admin","date":"1 June 2020","format":false,"excerpt":"STARTUP WATCH- Disruptech plans to invest USD 5 mn in fintech startups this year, founder Mohamed Okasha tells Al Mal. The fintech fund is looking to acquire two unnamed companies before the end of the year, Okasha said. The former Fawry CEO told Al Mal last month that over the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570920,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/disruptech-fintech-fund-makes-its-first-investment-in-two-egyptian-companies\/","url_meta":{"origin":559488,"position":3},"title":"Disruptech fintech fund makes its first investment in two Egyptian companies","author":"enterpriseam admin","date":"22 April 2020","format":false,"excerpt":"STARTUP WATCH- Disruptech makes its first investment in two Egyptian companies: Disruptech, a USD 25 mn fintech fund recently set up by Mohamed Okasha, a former top exec at fintech player Fawry, has made its first investment in two Egyptian startups, Khaznaand Brimore, according to Menabytes. The fund is investing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":675200,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/10\/disruptech-ventures-continues-portfolio-expansion-outside-egypt-with-stake-in-moroccan-fintech-chari\/","url_meta":{"origin":559488,"position":4},"title":"DisrupTech Ventures continues portfolio expansion outside Egypt with stake in Moroccan fintech Chari","author":"enterpriseam admin","date":"10 November 2025","format":false,"excerpt":"Chari plans to use the raised capital to accelerate its growth through strategic acquisitions","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/635.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574730,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/20\/egypts-fawry-mulls-launching-emerging-tech-investment-arm-in-2021\/","url_meta":{"origin":559488,"position":5},"title":"Egypt\u2019s Fawry mulls launching emerging tech investment arm in 2021","author":"enterpriseam admin","date":"20 September 2020","format":false,"excerpt":"Egyptian e-payment giant Fawry is considering establishing a new company to invest in emerging technology startups and firms, CEO Ashraf Sabry told Al Mal. The company will complete feasibility studies for the venture this year, and decide on whether to launch in early 2021, Sabry added. 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