{"id":576949,"date":"2022-11-03T04:00:03","date_gmt":"2022-11-03T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/paymob-interest-the-uae-tpay-is-streamlining-mozare3-could-team-up-with-the-ifc-to-help-local-farmers\/"},"modified":"2022-11-03T04:00:03","modified_gmt":"2022-11-03T04:00:03","slug":"paymob-interest-the-uae-tpay-is-streamlining-mozare3-could-team-up-with-the-ifc-to-help-local-farmers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/paymob-interest-the-uae-tpay-is-streamlining-mozare3-could-team-up-with-the-ifc-to-help-local-farmers\/","title":{"rendered":"Paymob interest the UAE, TPay is streamlining + Mozare3 could team up with the IFC to help local farmers"},"content":{"rendered":"

<\/a> Paymob<\/a><\/strong> enters the UAE: <\/strong>Fintech startup Paymob has expanded into the UAE and made the country its regional hub, it said in a statement (pdf)<\/a> yesterday. The company is looking to make a \u201csizable investment\u201d in the UAE market over the next three years, the release reads.<\/p>\n

New hub, new management: <\/strong>Paymob has appointed financial services professional Omar Haddad (LinkedIn<\/a>) as its GCC general manager. Haddad will build a more than 150-strong team in the UAE, according to the statement.<\/p>\n

What they said: <\/strong>\u201cThere are currently over 400k businesses in the UAE, 61% of which are microbusinesses and 38% are SMEs. We see a massive opportunity to serve this market segment and our goal over the next three years is to empower 15% of those merchants with the latest payment technologies to fuel their growth and further digitize the economy,\u201d Paymob CEO and co-founder Islam Shawky said.<\/p>\n

Paymob <\/strong>rais<\/a><\/strong>ed USD 50 mn<\/a><\/strong> in Egypt\u2019s largest ever reported fintech series B round <\/strong>earlier this year, led by Kora Capital, PayPal\u2019s venture capital arm PayPal Ventures, and Clay Point. The company had plans to use the capital to fund its regional expansion plans across the GCC and North Africa, to add new products, and expand its merchant base. Co-founder Alain El Hajj was our founder of the week<\/a> earlier this year.<\/p>\n

TPAY THE LATEST LOCAL STARTUP TO TIGHTEN ITS BELT-<\/strong><\/p>\n

<\/a> Mobile payments platform <\/strong>TPay Mobile<\/a><\/strong> is restructuring its business and <\/strong>trimming its headcount <\/strong>amid financing challenges, Al Mal<\/a> reported Sunday, citing what it said was a source familiar with the matter. Company representatives did not respond to requests for comment when we reached out this week. <\/strong><\/p>\n

TPay said last week that it is \u201crefreshing its strategy\u201d:<\/strong> TPay alluded<\/a> to a restructure last week, saying it would embark on a \u201creorganization\u201d of the company that will have a \u201ccompact\u201d management team. The statement made no mention of financial challenges and quoted CEO Gaston Aussems saying that TPay has a \u201csolid business model and healthy cash flow.\u201d<\/p>\n

Has there been a management shuffle?<\/strong> The company didn\u2019t say explicitly that the company will reduce headcount, though the managing partner at Helios Investment Partners \u2060\u2014 one of TPAY\u2019s shareholders \u2060\u2014 indicates that new people have been brought into management. \u201cWe\u2019re excited to see TPAY\u2019s new leadership team deliver this vision and remain fully committed to the business,\u201d Babatunde Soyoye is quoted as saying in the statement.<\/p>\n

Founder Sahar Salama <\/strong>stepped down as CEO in July<\/a><\/strong> and is now serving as \u201cgroup chairwoman,\u201d a role her LinkedIn page<\/a> notes is part time. Sahar appeared on our podcast Making It<\/a> back in May 2020.<\/p>\n

The global economic slowdown has <\/strong>caught up<\/a><\/strong> with the Egyptian startup scene<\/strong>, with VC funding across the board tightening<\/a> amid fears of recession. Down rounds<\/a> \u2014 when a company sells shares at a lower price than its previous funding round \u2014 are everywhere, while the implosion of local startup Capiter<\/a> has some in the startup scene predicting that more young companies will face funding challenges, with reports of layoffs now becoming more common.<\/p>\n

MOZARE3 COULD PARTNER WITH IFC-<\/strong><\/p>\n

Agri-fintech startup Mozare3 inked an agreement for a \u201cpotential partnership\u201d with <\/strong>the International Finance Corporation (IFC) to support local farmers<\/strong> \u201cdigitally and financially,\u201d Mozare3 CEO Hussein Abou Bakr said in a LinkedIn post<\/a>. \u201cIt would be a leap in knowledge transfer to benefit small farmers in Egypt from experiences and projects of IFC in other relevant countries,\u201d he said.<\/p>\n

About Mozare3: <\/strong>The agri-fintech platform manages the supply chain between corporations and Egyptian farmers including digital invoices and deliveries, and offers farmers embedded finance and agronomy support. Founded in 2020 by Abou Bakr (Founder of the Week<\/a>) and Tamer El Raghy (LinkedIn<\/a>), Mozare3 raised a seven-figure pre-series A round<\/a> last year from Algebra Ventures and Disruptech.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paymob enters the UAE: Fintech startup Paymob has expanded into the UAE and made the country its regional hub, it said in a statement (pdf) yesterday. The company is looking to make a \u201csizable investment\u201d in the UAE market over the next three years, the release reads. New hub, new management: Paymob has appointed financial […]<\/p>\n","protected":false},"author":1,"featured_media":576950,"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":[7258],"tags":[72,183,759,1813,1370,95,123,9326,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-fintech","tag-international-finance-corporation","tag-mozare3","tag-paymob","tag-startup-watch","tag-startups","tag-tpay","tag-uae","wpautop","entry"],"acf":{"mongo_id":"5c61002b-c062-4642-8538-42317259c3a6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/68.jpg","photo_position":"above","related_issue":[576940],"teaser":"","voice_url":""},"yoast_head":"\nPaymob interest the UAE, TPay is streamlining + Mozare3 could team up with the IFC to help local farmers - 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\/2022\/11\/03\/paymob-interest-the-uae-tpay-is-streamlining-mozare3-could-team-up-with-the-ifc-to-help-local-farmers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paymob interest the UAE, TPay is streamlining + Mozare3 could team up with the IFC to help local farmers\" \/>\n<meta property=\"og:description\" content=\"Paymob enters the UAE: Fintech startup Paymob has expanded into the UAE and made the country its regional hub, it said in a statement (pdf) yesterday. 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Paymob raised USD 15 mn from existing investors in the second tranche of its series A led by UAE-based Global Ventures, A15, and the Dutch entrepreneurial development bank (FMO). Paymob\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546261,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/","url_meta":{"origin":576949,"position":2},"title":"Paymob closes USD 50 mn series B round, wants to enter GCC this year","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"Paymob closes Egypt\u2019s largest ever fintech series B round: Fintech startup Paymob raised USD 50 mn in a series B round, it announced in a statement (pdf) yesterday, calling it the largest round of its type for an Egyptian fintech firm. The round was led by emerging market investor Kora\u2026","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\/2022\/5\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562058,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/paymob-wants-to-set-up-shop-in-saudi\/","url_meta":{"origin":576949,"position":3},"title":"Paymob wants to set up shop in Saudi","author":"enterpriseam admin","date":"5 May 2021","format":false,"excerpt":"Payment gateway Paymob is looking to roll out digital payment services in Saudi Arabia in the coming five years as part of its wider expansion plans that would see the Egyptian startup operating in two new countries through representative offices there in the near future, CEO Islam Shawky told Al\u2026","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\/2021\/5\/39.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613148,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/09\/egypt-looks-to-export-additional-1-mn-workers-in-competitive-sectors-by-2030-plus-paymob-x-tamara-gasc-tender-spegyco\/","url_meta":{"origin":576949,"position":4},"title":"Egypt looks to export additional 1 mn workers in competitive sectors by 2030. PLUS: Paymob x Tamara, GASC tender, Spegyco","author":"enterpriseam admin","date":"9 January 2024","format":false,"excerpt":"With a focus on AI, IT, nursing, and biotech","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/514.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558208,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/egyptian-startups-raise-26-of-mena-funding-in-1h2021\/","url_meta":{"origin":576949,"position":5},"title":"Egyptian startups raise 26% of MENA funding in 1H2021","author":"enterpriseam admin","date":"1 August 2021","format":false,"excerpt":"Egyptian startups landed some USD 194 mn in venture capital finance in the first half of this year and accounted for 26% of all transactions inked across MENA in the same time period, ITIDA CEO Amr Mahfouz said last week in a statement (pdf). Mahfouz said in public comments that\u2026","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\/2021\/8\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=576949"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576949\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576940"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576950"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576949"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576949"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}