Egypt - Orascom to launch fintech company
Friday, 04 02 2021, Category: Technology, Country: Egypt
Egypt’s Orascom Financial Holding (OFH) has announced the launch of a new financial technology (fintech) company, in partnership with EXCEL, focused on digital payments.
This partnership marks an important step towards the implementation of the company’s strategy working towards financial inclusion and digital transformation in Egypt’s financial sector.
OFH will own a 79.9% stake in the new fintech company, which will receive a paid in capital of EGP 100m. This capital is expected to reach EGP 500m in accordance with the company’s plan, with the new company also aiming to reach over one million customers in the medium term.
Onsi Sawiris, Chairperson of OFH and Co-founder and Managing Partner at a New-York based VC Fund (HOF Capital), noted that his company has a proven track record in managing and developing startups. These go on to become well-established companies in various global markets.
Source: Daily News Egypt