Apr 4, 2025

Get the hottest Fintech Middle East News once a month in your Inbox Egypt’s fintech sector has experienced remarkable growth over the past years, emerging as one of the largest and most established fintech ecosystems in Africa. In 2024, Egypt accounted for 10% of all fintech operators in Africa, ranking fourth on the continent behind Nigeria (28%), South Africa (20%) and Kenya (16%), according to a 2024 report by the European Investment Bank (EIB). In terms of funding, Egypt consistently attracts a considerable share of fintech funding. In 2024, the country led fintech investment, securing 35% of fintech funding in Africa, according to a recent report by FutureMatters and the Global Finance and Technology Network (GFTN). Distribution of digital financial services in Africa by country and by product, Source: Finance and Africa 2024, European Investment Bank, Nov 2024 Today, Egypt is home to more than 170 ventures active in the fintech space. These companies address financial inclusion by expanding the range of accessible, affordable and convenient financial services and products available to consumers and businesses. Among these, several have emerged as leaders in the respective categories, attracting prominent investors for their innovative solutions and rapid growth. Today, we look at some of Egypt’s most-well-funded fintechs, highlighting their value propositions and recent strides. For this list, we focus on private, independent fintechs headquartered in Egypt, ranking them based on the equity or venture capital (VC) funding they’ve raised so far. Most well-funded fintechs in Egypt MNT-Halan – US$550 million MNT-Halan app mockup, Source: MNT-Halan With a total of US$550 million funding raised so far, MNT-Halan is Egypt’s most well-funded fintech company. MNT-Halan’s latest round, secured in July 2024, was a US$157.5 million round from the International Finance Corporation (IFC), Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, as well as GB Corp, to fuel the company’s regional expansion. Founded in 2017, MNT-Halan is a leading fintech platform in Egypt and the country’s first unicorn startup. The company provides a range of products and services, including business and consumer loans, pre-paid cards, e-wallets, savings and e-commerce services through the Halan app and nationwide physical presence. Since inception, MNT-Halan claims it has served more than 8 million customers globally, and has disbursed over US$4.4 billion in loans. In addition to its home country of Egypt, MNT-Halan also operates in Turkey, Pakistan, and the United Arab Emirates (UAE) . It’s now focusing on further expanding across the Gulf Cooperation Council (GCC). Paymob – US$90 million Paymob mockup, Source: Paymob Paymob has raised a total of US$90 million in funding so far, making it the second most well-funded fintech startup in Egypt. Paymob’s last round was a US$72 million Series B raised in September 2024 to expand its market lead in Egypt, while scaling operations in newer penetrated markets to reinforce its position as the leading payments provider in the region. Founded in 2015, Paymob is the leading financial services enabler in the Middle East and North Africa (MENA) delivering cutting-edge financial technologies to customers in the region. Its platform supports more than 50 payment methods, including major international cards, flexible regional options, such as Tabby and Tamara, and a variety of mobile wallets. These are delivered via its gateway, point-of-sale (POS) terminals and Paymob app, making it one of the most comprehensive offerings on the market. Paymob also recently launched embedded checkout experiences on e-commerce platforms Shopify and Woo Commerce. With operations in the UAE, Egypt, Saudi Arabia, Oman, and Pakistan, Paymob has a track record of supporting over 390,000 merchants across MENA and Pakistan, enabling businesses of all sizes, from local SMEs to regional and global brands like Decathlon, Vodafone, LG, Uber, IKEA, and Shahid, to optimize payment performance and unlock new revenue streams. Khazna – US$63 million Khazna Android app, Source: Khazna via Google Play With US$63 million in funding raised so far, Khazna is the third most well-funded fintech company in Egypt. Khazna’s last round was a US$16 million pre-Series B secured in February 2025 to apply for a digital banking license in Egypt and expand into the Saudi market. Launched in 2020, Khazna began life as an earned wage access product, but has since grown into a multi-product platform. The company’s core product integrates financial services such as loans and insurance directly into payroll accounts, alongside direct delivery of unsecured loans to gig economy workers. Other products include bill payments, buy now, pay later (BNPL), medical insurance, and a rent-to-own finance service. Khazna claims more than 500,000 customers. The company is now working towards becoming a digital bank. It’s targeting mid-2026 to secure the banking license from the Central Bank of Egypt (CBE). Lucky One – US$50 million Lucky One mockup, Source: Lucky One Lucky One has raised a total of about US$50 million so far, according to Forbes, making it the fourth most well-funded fintech startup in Egypt. Lucky One secured its last round of funding in August 2024, raising US$3 million in a convertible note to bolster its path to profitability and enable the scaling of its credit lending offering for the Egyptian masses. Founded in 2019, Lucky One is a fintech app in Egypt that connects users to a range of credit products, discounts and cashback rewards that can be used in person and virtually. The company’s mission is to revolutionize how the population in the Middle East and North Africa (MENA) shops, pays, and saves. Lucky One claims more than 13 million active users and a network of more than 30,000 merchants. It operates in Egypt and Morocco, and says it has seen a 250% year-on-year growth in gross merchandise volume (GMV). Money Fellows – US$35 million Money Fellows illustration, Source: Money Fellows With about US$35 million in funding raised so far, Money Fellows is the fifth most well-funded fintech startup in Egypt. MoneyFellows’ last round was a US$31 million Series B secured in October 2022 to enter new markets and expand its product offerings across the business-to-consumer (B2C) and business-to-business (B2B) segments. Founded in 2016, Money Fellows is a digital platform that digitizes money circles or what’s commonly known as the rotating savings and credit association (ROSCA). ROSCA is a system where a group of people agree to contribute money for a specific period, thereby saving and borrowing together. It’s widely recognized across numerous emerging countries, and is a popular saving mechanism in regions where formal financial institutions are scarce. Money Fellows disrupts the traditional ROSCA model by providing an online platform accessible via smartphone application. This digitization expands participation beyond local communities, and enhances  the accessibility, transparency, and inclusivity of money circles, transforming them into a modern financial solution suitable for a wider range of users. It also introduces a rigorous credit evaluation process for all participants. Money Fellows has more than 7 million registered users on its platform. The company recently partnered with Network International to enhance its offerings and bolster its entry into Morocco, and other African markets. Paysky – US$34 million Paysky payment solutions illustration, Source: Paysky With about US$34 million in funding raised so far, Paysky is the sixth most well-funded fintech startup in Egypt. Founded in 2017, Paysky specializes in digital payments, offering cutting-edge solutions for banks, central banks, governments, telecom companies, businesses, and individuals. The company provides a comprehensive suite of digital solutions that redefine national payment systems and financial services. It provides fully integrated national payment systems, currently serving ten central banks and enabling them to digitize government services. It also offers white-label payment gateways that allow banks and financial institutions to offer seamless digital payment services. Additionally, Paysky offers point-of-sale (POS) and softPOS solutions, making digital transactions more accessible for merchants. Beyond payments, Paysky also operates the Yalla Super App, a multi-functional platform launched in 2021 in partnership with Visa. The app offers a wide range of services, including money transfers, electronic payments, shopping, insurance, investment, and “save now, pay later” options. Paysky currently operates in 18 countries, including Egypt, the UAE, Saudi Arabia, Qatar, Bahrain, Pakistan, Libya, Sudan, Uganda, Botswana, Ghana, Ivory Coast, Senegal, Mali, Benin, Togo, and Cameroon. In 2024 alone, the company’s systems processed transactions worth over US$3.9 billion, underscoring its position as a key player in the fintech sector.