Egyptian fintech startup Masroofi recently raised $1.5 million through an investment round supported by unnamed investors. The capital raise came shortly after Masroofi’s co-founders reportedly rejected a funding offer from investors in the “Shark Tank” program.
Investors Drawn by Fintech Startup’s Focus on Children
Masroofi, the Egyptian fintech focused on electronic payment services for children, recently raised $1.5 million via an investment funding round. The raised capital is expected to fund the fintech startup’s operational and expansion activities. According to a report, Masroofi was able to raise $1.5 million after the company’s directors reportedly rejected funding from investors in the “Shark Tank” program.
As explained in the African Heroes report, the unnamed participants in Masroofi’s investment round were drawn by the fintech’s focus on the 20 million Egyptian youth aged between five and 20. The track records as well as the rapport between the fintech startups’ co-founders are the other factors that had a positive influence on investors.
Meanwhile, the report revealed that Masroofi is hoping to reach two million young people within five years. The fintech is also reportedly aiming to grow with its young customers by catering for their evolving needs through the provision of product offerings such as neo banking services.
While the co-founders Mostafa Abdel-Khabeer and Sayed Hosni are said to be confident of the fintech sector’s capacity to continue leading Egypt’s startup market, the Africa Heroes report suggested that there is still room for improvement. The report identified Egypt’s remittances and installment payments market as areas which can be bolstered by emerging financial technologies.
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