(MENAFN – Every day Information Egypt) Disruptech, the $25m fintech fund launched by Fawry co-founder and former managing director Mohamed Okasha, has been in superior levels of negotiations for an funding injection into an rising fintech firm.
Okasha added that the deal is more likely to be sealed and signed inside days, earlier than its official announcement. Nonetheless, he didn’t disclose the identify of the goal firm.
He famous that Egypt represents a promising marketplace for fintech firms. The function of the Disruptech Fund is to help firms as they begin their journey till their launch on the Egyptian Alternate (EGX).
Okasha submitted his resignation from the Board of Administrators of e-payment companies firm, Fawry, in March, to ascertain the Disruptech Fund. Fawry is about to be one of many traders within the new fund, which focuses on investments in Egypt with a goal price range of $25m.
The Disruptech Fund’s first funding was in Khazna, an organization specialising in growing banking and monetary options via a cellular utility, as an alternative choice to cash options.
Khazna permits firms to simply present a number of superior electronically-based monetary companies for his or her staff utilizing the cell phone utility.
Since its institution, Khazna has offered its companies to main labour-intensive firms within the business, contracting, and name centre sectors, which rent over 100,000 staff. It has since begun increasing its companies to incorporate all financial sectors, together with medium-employment firms.