Egyptian fintech KIWE has closed its first investment round. This investment was led by dfin Holding with participation from Enterprise Finance Guarantee (EFG) Hermes, Marakez for Development, and a group of angel investors.
The funds will be utilized to help the Egyptian-based fintech achieve its aim by leveraging the offerings of its investors, such as dfin’s and Marakaz’s portfolios, as well as EFG’s Valu as a payment option.
Digital Finance Holding (dfin) is a financial technology company. One of Mena’s largest financial services companies is EFG Hermes.
Marakez is Egypt’s most prominent mixed-use developer, with a growing portfolio of commercial and residential developments.
The peer-to-peer money exchange software, which was founded in March 2021 by Fatma Khalifa (CEO), Omar Kamel (CBO), and Mohamed Khalifa (COO), allows users to send money to each other quickly.
KIWE is on a mission to establish a cashless ecosystem by partnering with a large number of businesses to provide customers with the safest, easiest, and most enjoyable payment experience possible.
According to the fintech, they believe in empowering freelancers and small company owners by assisting them in identifying their goals, improving their customer experience, and accepting online and offline payments.
The goal is for KIWE to become a phrase that may be used interchangeably with any word that refers to money.
When a receipt is printed, a check comes at the table, or a friend’s pay-back is due, the idea is for customers to intuitively grab for their phones.
The firm hopes to catapult KIWE’s growth by deploying dfin’s tech-based financial services portfolio, utilizing EFG’s Valu as a vital payment method, and rolling out across Marakez’s portfolio of commercial and residential projects.
This is a perfect match to ultimately steer the startup’s objective towards a bigger and more powerful E-payments future, alongside current investor EFG EV Fintech.
Across all sectors, fintech aspires to make Egypt a contactless-cashless payment pioneer while adhering to the Central Bank of Egypt’s (CBE) rules and the government’s digital transformation plans.
The CBE’s efforts to increase E-payments are exceptional, enabling startups, boosting overall fintech infrastructure, and facilitating contact with important financial institutions.
Furthermore, KIWE believes that it is time for Gen X and Z to manage their finances in a more simple, quick, and sociable manner, and the fintech company is excited to show off what’s next.
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