Egyptian Fintech PayMint Raises Seed Funding Round

PayMint, an Egypt-based fintech startup has secured seed funding of 7 figures from AUR Fintech, a subsidiary of AUR Capital. The round will help to support PayMint’s expansion plan in fintech and SMEs’ financial inclusion in the Egyptian market.

Launched in 2019 by Mohamed Yahya and Mohamed Rabie, PayMint provides financial technology services to SMEs. PayMint’s services include salary payments, working capital financing, and supplier payments.

The fintech targets to use the new fund to expand the scope of its services to include more corporate payments and provide new services to corporate beneficiaries and other financial services that would enhance the financial inclusion of beneficiary companies or individuals, in a way that promotes comprehensive and sustainable economic growth.

Mohamed Rabie co-founder and CEO of PayMint pointed out that the startup wants to achieve competitive advantage of the positive ecosystem, especially in the fintech field.

“We are so proud of our partnership with AUR fintech,” Said Mohamed Rabie, PayMint CEO “We are looking forward to utilizing this round in our expansion plan to enhance our fintech services for SMEs and provide a wide range of microfinance in addition to bill payments.”

To step further and enhance its services as PayMint plans to issue over 150,000 Miza cards for beneficiaries through 2022 after getting needed permissions.

Mohamed Yahya, Vice Chairman PayMint acknowledged the Central Bank of Egypt in light of the steps it has taken in supporting startups. He also mentioned the launch of the report, which shed light on the latest developments in the fintech ecosystem in Egypt, and the initiatives issued by the Central Bank in this context, reflecting that the matter has shifted from a mere vision in the future to actual deliberate steps to develop the market, link all parties to the system, and study everything related, building startups, to matters related to the founders and the requirements for building the market.

“Small and Medium enterprises account for the majority contribution to the GDP of the Egyptian economy while being a chronically underserved segment. We believe PayMint is in a prime position to serve these companies and help increase the reach AUR Capital’s Non-banking Financial Services offering in these segments,” Mohamed Kammoura AUR Fintech’s Head of Investments.

According to Rabie, PayMint will use the new fund to expand the scope of its services to include more corporate payments and provide new services to corporate beneficiaries as well, and other financial services that would enhance the financial inclusion of beneficiary companies or individuals, in a way that promotes comprehensive and sustainable economic growth.