For the second week in a row, Egyptian startups grab the headlines in the African startup funding ecosystem. This time, they went two for two as both funding rounds recorded during the week involved Egyptian startups. Lucky One, a fintech company raised $3 Million and Qardy obtained an undisclosed amount for its pre-seed funding round. Elsewhere, global financial systems provider Sendsprint has acquired US remittance company Nobel Finance in its expansion efforts.
Funding
Lucky ONE
Funding round: $3 Million
Investors: Lorax Capital Partners, KEM, DisrupTech Ventures,
Founded: 2019, Egypt
Founders: Momtaz Moussa, Ayman Essawy, and Marwan Kenawy
Products: Lucky ONE develops consumer-focused credit products, discounts, and cashback rewards. The products are accessible both online and offline in person, giving thousands of consumers easy access to the products.
What Next?: Fuelled by the funding, the company is ramping up its expansion effort, increasing its credit services and pushing further towards its goal of creating national financial inclusion in Egypt.
Qardy
Funding round: Pre-Seed
Investors: White Field Ventures and Vastly Valuable Ventures,
Founded: 2022, Egypt
Founders: Abdel Aziz Abdel Nabi
Products: Qardy provides customized financial credit solutions aimed at supporting MSMEs. The company operates an online lending marketplace connecting businesses to working capital, loans, and leases. It works with several financial institutions including commercial banks, leasing companies and microfinance organizations to empower SMEs and promote financial inclusion.
What Next?: According to the COO of Qardy, the investment will enable the company to further enhance its services, as well as accelerate its plans for expansion in KSA, and the MENA region.
Acquisitions
Sprint Technology Solutions (Sendsprint) Acquires US-Based Nobel Finance
To expand its footprint and services into the United States of America, international payment company, Sendsprint, has acquired US-based global remittance services provider, Nobel Finance.
The acquisition gives Sendsprints easy leverage to offer its products and services in the US. Through Nobel Finance’s existing infrastructure and market base, Sendsprint will be able to seamlessly process money transfers and gifting from users across 16 states in the US into Africa and the UK. Nobel Finance was founded in 2014 and its wide range of solutions enables millions of people to conduct cross-continent financial transactions.
Sendsprints’ primary offer also revolves around enabling cross-border money transfers, serving thousands of retailers in Africa, the United Kingdom, and now in the United States.
Sendsprints was founded in 2021 by Damisi Busari. Operating in Nigeria, South Africa, Kenya, and Ghana, the company has captured a significant market share in Africa, securing partnerships with major retailers including ShopRite, Dapper Monkey, Jumia, and Cake City. With its services extended into Europe and America, the company’s network is expected to grow larger and more influential.
