1. MNZL (🇪🇬 Egypt), a fintech that allows users to transform their assets like homes and cars into liquidity for their projects and needs, has raised $3.5 million in a Seed funding round, led by P1 Ventures, Localglobe, and Ingressive Capital. Additional support came from 500 Startups, Flat6Labs, First Circle Capital, ENZA Capital, Beenok, and other angel investors.

💸 Say hello to Swypex! An Egyptian fintech providing an all-in-one financial management platform that consolidates payments, invoice management, and smart corporate cards.

And they just secured a $4 million Seed funding round!

• Founded in early 2022 by Ahmad Mokhtar, Tarek Mokhtar and Sasan Hezarkhani, Swypex spent its initial year on licensing and regulatory compliance before launching a beta version to 100 customers in December.

💰 Investor lowdown: The round led by venture capital fund Accel, with participation from Foundation Ventures, The Raba Partnership, and angel investors.

📈 State of play 

In Egypt, card usage has increased by 14% over the last four years, with over 30 million cards now in circulation, driven by fintech and bank incentives. Prepaid cards are particularly popular, surpassing debit and credit cards combined.

However, corporate card adoption has lagged due to limited access and inadequate controls.

Traditionally, it was banks that played the role of primary provider of corporate cards across the country; however, fintech companies are now stepping up to the plate to increase adoption.

🚫 The problem

According to the UNDP, 3.8 million businesses are battling with inflexible financial systems, leading to inefficient processes and reduced control.

These issues, along with employee fraud causing an average 5% annual revenue loss, have prompted the CBE launch a wave of regulations and initiatives to transition businesses away from cash and onto digital payment rails. These are now coming into force and providing additional tailwinds for financial innovation.

⚙️ Break it down

Swypex offers businesses "unlimited" corporate cards with smart spending controls like customisable limits and permissions for ATM and online transactions.

• Employees can upload transaction documents into a centralised dashboard that integrates government e-invoicing data and connects with ERP and accounting software, thus providing a comprehensive and streamlined overview of all expenses in one location.

The platform also allows businesses to view analytics on spending distribution by department, merchant, individual, and category, enabling more data-driven decisions with real-time visibility.

🔮 Flashforward

Sypex will use the fresh funds to launch its operations in the Egyptian market, in fact, Egyptian businesses can open a Swypex account today and get three free cards.

🎓 Here’s SecureMyScholarship! The UAE-based edtech company helping connect students with scholarship opportunities and providing assistance with loan applications, visa applications, and university application submissions.

Did we mention they just raised $550,000 in a bridge funding round?

• Founded in 2021 by Craig Fernandes and Ian Fernandes, as of March 2024, the platform has managed to list 414 universities on its platform, including nearly all of the private universities in the UAE, over 220 in the USA, and over 150 in the UK.

💰 Investor lowdown: The round was led by Kaustubh Wagle, Managing Director at Boston Consulting Group Middle East; Ramit Harisinghani, General Manager of the Devialet and Dyson brands at Chalhoub Group; and Sabban Corp Investments, a Dubai-based VC firm.

• The latest investment brings the startup's total capital raised to $1.2 million.

⚙️ Break it down

The platform functions as a comprehensive scholarship search engine, collecting a variety of scholarships—including merit-based awards, need-based grants, and university offerings—for over 80,000 courses.

• Since launching it has listed 414 universities, covering nearly all private universities in the UAE, more than 220 in the USA, and over 150 in the UK.

The site also simplifies the application process with a user-friendly interface and provides personalised guidance through a dedicated support team to help students navigate financial aid challenges.

• The platform is completely free for students applying for scholarships in the UAE. For those applying to scholarships in the USA and UK, a nominal one-time subscription fee of $50 is charged.

🎯 How’s it going?

The startup has disbursed over $8.2 million in scholarships, which has helped over 1,500 students secure scholarships and enrol in their dream universities around the world.

🔮 Flashforward

SecureMyScholarship will use the fresh funds to accelerate product development and expand the startup's operations into India.

🎓 The Mohammed bin Rashid Innovation Fund (MBRIF) celebrated the graduation of its 7th cohort from the Innovation Accelerator program, featuring a pitch competition among 18 startups. The winners of the competition included MDBX Health for Best Pitch, HealthStay.io for Best UAE Homegrown Business, and Detectiome for Most Impactful Business.

🚗 Dubizzle Group, a leading online classifieds platform in the Middle East, has acquired Drive Arabia, a UAE-based automotive media and reviews platform, in an undisclosed deal.

👑 Bahrain's edtech platform, Playbook, acquired Queen Mode, a UAE-based NFT community for female entrepreneurs, aiming to further support women globally with masterclasses from successful regional figures.

💨 44.01, in partnership with Aircapture, has been named one of the Top 20 XPRIZE Carbon Removal Finalists for their Direct Air Capture + Mineralisation project in Oman. The selection was based on a rigorous assessment of the project's environmental and social impact, sustainability, cost, and potential to scale to gigaton levels.

💳 US-based Egyptian fintech MoneyHash, which provides a comprehensive payment operating system as a service, has partnered with Visa to enhance digital payment experiences. This partnership allows MoneyHash access to Visa's extensive digital payment solutions and global reach in the MENA region.

🛡️ Riyadh-based fintech Rasan plans to go public on Tadawul by selling a 30% stake, becoming the first startup to list on Saudi Arabia's primary stock exchange. Rasan operates platforms including Tameeni, the largest online insurance aggregator in Saudi.

👾 UAE-based blockchain firm Phoenix Group has acquired a 12.5% stake in Web3 gaming company Rekt Studios for an undisclosed amount. Founded in 2021, Rekt Studios develops immersive Web3 games and virtual environments, while Phoenix Group specializes in Bitcoin mining and blockchain infrastructure.

🚀 US-based VC firm PTS Holdings has partnered with Egypt's Borg El Arab Technological University to launch a digital platform and entrepreneurship studio, "Kemtech Valley-BTU," to support tech students and graduates in turning their projects into startups, backed by a six-figure investment.

⛓️ Chainalysis, a global leader in blockchain intelligence, has established its regional headquarters in Dubai after three years of significant growth in the region. The company offers crypto investigation, Web3 growth, and crypto risk solutions to government and private sector entities.

🧱 The annual Startups without Borders summit, themed “Breaking Borders, Building Global Horizons,” will be held on May 10-11 in Cairo, Egypt. This event is set to draw 3,000 attendees globally, featuring talks and panels on Impact and Sustainability, Talent, Future Tech, and Investment, fostering collaboration within the entrepreneurial ecosystem.

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