Fintech Funding Investments in the Middle East and Africa

The FinTech Times highlights some funding and
investments that happened in the Middle East and Africa (MEA) in
October. Highlights included in countries in MEA such as Egypt,
Israel, the United Arab Emirates (UAE), Saudi Arabia and Nigeria.

NowPay from Egypt

Cairo-based NowPay, a financial-wellness
platform for employees in emerging markets, announced that they
raised $ 2.1 million in seed investment. The round was led by
Foundation Ventures and Endure
along with investors from the United States, UAE,
China, and Egypt. The cluster of investors include: BECO
, 500 Startups, Plug and
, 4dx Ventures, MSA
, EFG-EV Fintech and
Ebtikar. Prominent Angel investors such as
Quirky Ventures, Gehan Fathi, and
Rolaco also participated in the round.

“During the peak of COVID-19 lockdowns, we are proud to have
well-known and eminent investors back us, signaling trust in our
business concept and our team. Saving, spending, budgeting and
borrowing, are our four pillars of financial wellness. Financial
stress plays a major role as a top distraction for employees.
NowPay bridges that gap and provides several benefits for employers
that choose to proactively address this area of employee wellness.
Particularly in the recent months NowPay helped empower both the
employees and employers alike. We want to improve every financial
aspect for employees and make financial inclusion a reality,”
said Mostafa Ashour, Cofounder and CEO of NowPay
who previously led the innovation teams at
Microsoft Research.

Egypt-based Flick Raises $1 million

Egyptian fintech startup Flick raised $1 million from an angel
investor in a Pre-Seed funding round. Flick digitises the
cross-border end-to-end money transfer through its “seamless”

The startup aims to solve the common pain points in the
traditional methods of international money transfer. Customers can
transfer money using the Flick mobile app from anywhere and
everywhere without any commuting needed for both the sender and the


Africa’s largest mezzanine fund managers in

From Egypt to Israel to Saudi Arabia to Morocco - there were various funding rounds and investments in fintech in October 2020 From Egypt to Israel
to Saudi Arabia to Morocco to Nigeria to the United Arab Emirates
– there were various funding rounds and investments in fintech in

Vantage Capital, Africa’s largest mezzanine
fund manager, has invested $28million in Cliniques
Internationales du Maroc Group (CIM)
. The funding will
enable CIM to part-finance the extension of an existing clinic in
Marrakech, as well as open new clinics in Tangier and

Saudi Arabia’s Retailo raises over $2

Based in Riyadh, Saudi Arabia, Retailo raised
$2.3 million in a pre-seed round led by Shorooq
, which is based in Abu Dhabi, the capital of the
United Arab Emirates (UAE); 500 Durian from
Southeast Asia and 92 Ventures also participated
in the round alongside others.

Cyberpion Raises $8.25 Million in Seed Funding

Israel founded Cyberpion announced it has
emerged from stealth after closing an $8.25 million seed funding
round co-led by Team8 Capital and
Hyperwise Ventures. The company’s platform
enables security teams to identify and neutralise the rising
threats stemming from vulnerabilities within online assets
throughout an enterprise’s far-reaching, connected ecosystem.
Cyberpion will use the new capital to boost its sales and marketing
efforts, while expanding and accelerating product development of
its Ecosystem Security™ platform. “Following rapid growth in both research and
development as well as winning new customers that include Fortune
500 companies, we are excited to emerge from stealth and champion
the rising ecosystem security sector,” stated Cyberpion founder
and CEO Dr. Nethanel Gelernter.

AccessFintech secures $20 million in Series B

Tel Aviv-headquartered AccessFintech, a leading
fintech company evolving the financial industry operating model
through data and workflow collaboration, announced the successful
completion of its Series B round of $20 million, led by
Dawn Capital, Europe’s largest venture capital
fund dedicated to B2B software. Existing investors J.P.
, Citi and Goldman
contributed to the round, and Deutsche
has participated for the first time. It brings the
total capital raised to date to $37 million since 2018.

The CEO of AccessFintech Roy Saadon stated,
“Over the past two years our mission to evolve the financial
industry operating model has gained significant traction and it is
testament to the energy and skill of our team, the support of our
clients and our wider network that we have reached this important
milestone. We are thrilled to partner with a firm of the calibre of
Dawn Capital who have an exceptional track record in working with
fast growing companies in the fintech sector and who fully support
our strategy. We are also excited to have worked with J.P. Morgan,
Citi, Goldman Sachs and Deutsche Bank in this round – they are
important partners for us in our vision of collaboration to
maximise efficiencies across the market.”

BlackSwan Technologies Launches World’s First AI
Operating System, Raises $28 Million in Funding to Pioneer Next
Generation of Enterprise Software
BlackSwan Technologies launches as the
world’s first enterprise artificial intelligence (AI) operating
system, enabling any company to leverage the most advanced
artificial intelligence for an unprecedented level of operational
efficiency and data-driven decision making. Since it began offering
its technology to a limited customer base earlier this year,
BlackSwan Technologies has generated tens of millions of dollars in
revenue through multi-year contracts with many leading businesses.
The company has also established a groundbreaking partnership with
Deloitte to provide leading global banks an AI-powered platform
that is already proven to increase revenue and drive efficiencies.
The company was recently recognised in Gartner’s
2020 Hype Cycle for Emerging Technologies report as a pioneer in
“bringing AI closer to human learning and intelligence.”

Tipalti raises $150 million

Another successful funding round from Israel included global
payables automation solutions company Tipalti
announcing it has raised $150 million at a valuation of more than
$2 billion. The funding round was led by Durable Capital
; Greenoaks Capital and current
investor 01
also participated.

Sweetheart Kitchen in Dubai

Over in Dubai, multi-brand Sweetheart Kitchen,
a delivery-only ghost kitchen, has raised €15 million in Series C
funding from strategic investors. The new funds will be used to
help Sweetheart Kitchen launch five new brands including Skinny
Bowls, Open Sesame and Naughty Vegan, in addition to opening 19 new
units across the United Arab Emirates (UAE) and Kuwait early next
year and planned expansion into Saudi Arabia later. This round
follows a previous €21 million funding used to launch 30

Fundall from Nigeria raises $150,000 in pre-seed

Fundall is a digital banking platform from
Nigeria. According to their website, “Fundall has raised pre-seed
funding of $150,000 from a group of investors led by Black
Knight Capital
, which will propel our launch, acquisition
of a Microfinance Bank, as part of steps to further strengthen its
operational framework and license to surpass both regulations and
customer service expectations.”

New Venture Capital Firm +VC Launched

Plus Venture Capital (+VC) announces the launch
of its operations and its debut fund focused on investing in
early-stage tech startups in the Middle East and North Africa
(MENA) region and its diaspora.

Founded by well-known veterans of the startup ecosystem, the
firm’s leadership, led by ex-Google executive
Sharif El-Badawi and investment veteran
Hasan Haider, is taking an innovative approach to
supporting early-stage companies – leveraging more than 35 years
of combined investing and operating experience. Having completed
over 200 transactions together, the firm’s managing partners have
a wealth of knowledge and proven track records of helping portfolio
companies achieve operational milestones and building global
companies. The company is based in Abu Dhabi, the capital of the

Stripe buys Nigeria’s Paystack in a reported $200
million deal

To end this monthly summary of fintech funding and investment
announcements in October in the Middle East and Africa region,
Paystack from Nigeria has been acquired by
Stripe from the US. The deal will see both
Paystack and Strip continuing to operate independently. The
acquisition is part of Stripe’s international expansion plans on
the back of a $600 million funding round in April; reports suggest
the deal was worth around $200

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Fintech Funding Investments in the Middle East and Africa

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