Child-Focused Egyptian Fintech Startup Secures $1.5 Million in Funding

Egyptian fintech startup Masroofi precocious raised $1.5 cardinal done an concern circular supported by unnamed investors. The superior rise came soon aft Masroofi’s co-founders reportedly rejected a backing connection from investors successful the “Shark Tank” program.

Investors Drawn by Fintech Startup’s Focus connected Children

Masroofi, the Egyptian fintech focused connected physics outgo services for children, precocious raised $1.5 cardinal via an concern backing round. The raised superior is expected to money the fintech startup’s operational and enlargement activities. According to a report, Masroofi was capable to rise $1.5 cardinal aft the company’s directors reportedly rejected backing from investors successful the “Shark Tank” program.

As explained successful the African Heroes report, the unnamed participants successful Masroofi’s concern circular were drawn by the fintech’s absorption connected the 20 cardinal Egyptian younker aged betwixt 5 and 20. The way records arsenic good arsenic the rapport betwixt the fintech startups’ co-founders are the different factors that had a affirmative power connected investors.

Meanwhile, the study revealed that Masroofi is hoping to scope 2 cardinal young radical wrong 5 years. The fintech is besides reportedly aiming to turn with its young customers by catering for their evolving needs done the proviso of merchandise offerings specified arsenic neo banking services.

While the co-founders Mostafa Abdel-Khabeer and Sayed Hosni are said to beryllium assured of the fintech sector’s capableness to proceed starring Egypt’s startup market, the Africa Heroes study suggested that determination is inactive country for improvement. The study identified Egypt’s remittances and installment payments marketplace arsenic areas which tin beryllium bolstered by emerging fiscal technologies.

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