Co-Founders (Image: elmenus)
elmenus and Fawry to co-develop innovative solutions for restaurants and customers
Luxor Capital’s first investment in the MENA region, previous investments include the biggest food ordering platforms globally, such as Zomato, Deliveryhero and Glovo
elmenus, Egypt’s biggest food discovery and ordering platform, has secured new funding from three new investors, based in the MENA region and North America. Fawry Group, the renowned digital transformation and e-payment platform is leading the investment from Egypt. The investment follows Fawry’s new strategy to take minority stakes in fast-growing, Egyptian, technology businesses. As well as investing, Fawry will work closely with elmenus to develop innovative solutions to benefit restaurants and consumers. Also investing is Marakez, a leading Egyptian real estate developer.
Ashraf Sabry, CEO of Fawry, said: “Fawry is looking forward to its journey with elmenus, working closely with the executive team and entering many ventures together. By this investment, we show our desire to not only be a payment catalyst but to be a strategic partner to elmenus, its customers, restaurants and their riders. The Egyptian food space has high growth potential, with technology disrupting the status quo, as customers’ needs in food service provision rapidly change.”
From North America, investment has also been received from New York-based hedge fund, Luxor Capital Group, which has $11 billion of assets under management. elmenus is its first investment in the MENA region testament to its’ growth track record and market opportunity in Egypt. Luxor has a long history of successfully investing in food technology companies around the world.
Amir Allam, CEO of elmenus, commented: “Attracting new investment from Fawry, Luxor Capital and Marakez – following the endorsement of industry veteran, David Buttress, earlier this year – validates elmenus’ unique strategy. We are accelerating the adoption of online ordering by users, while enabling restaurants with new verticals – to help them scale. This funding demonstrates the investors’ strong belief in our position in Egypt, and our capability to dominate the market.”
elmenus, which now has over 1.5 million monthly users, is the most comprehensive platform for restaurant information and food discovery in Egypt, and its aim is to personalize food recommendations at a dish level. elmenus continues to expand rapidly, and today’s announcement follows the investment and board appointment of David Buttress – the former CEO of global food ordering firm, JustEat – announced earlier this year.
By the end of 2021, elmenus expects to empower 12,000 restaurants with new data and tool offerings to help them scale their businesses, across 20 Egyptian cities. Its cutting-edge digital solutions will also drive its existing database of several million users, to switch to online ordering.
Wapi Pay secures $2.2 million to expand Africa-Asia trade payments and remittances
Left: Paul Ndichu Co-Founder, Right: Eddie Ndichu Co-Founder & CEO (Image & Release: Wapi Pay)
Wapi Pay, based in Singapore and headquartered in Kenya has raised $2.2 Million in pre-seed funding to scale up global payments and remittances between Africa and Asia. Making international transfers faster, easier and much cheaper. The investors included EchoVC & China based global fund MSA Capital, who have invested in domestic Asian unicorns such as Meituan and NIO, and international unicorns such as Nubank and Klarna. Additional investors include Kepple Africa Ventures. Existing investors are Future Hub, Gobi Ventures and Transsion Holding.
Eddie Ndichu, co-founder at Wapi Pay commented on this funding milestone: “These funds will help Wapi Pay diversify our products range and drive growth so that we can evolve remittances into real-time global cross-border payments, starting with Africa and Asia. All while minimising the cost of transactions, it needs to be as easy as sending M-PESA”
EchoVC commented on this funding milestone: “Wapi Pay is an exciting fintech that is removing friction in an enormous payments space for Africa and powering the circular trade economy. As the symbiotic relationship between Africa and Asia deepens, Wapi Pay’s ecosystem of services will become increasingly critical to bridge and drive economic value between the two continents. We look forward to working with Paul and Eddie on this next phase of growth.”
MSA Capital commented on this funding milestone: “Africa to Asia is a large trading corridor overlooked and underserved by tech today. We believe Wapi Pay is the best team to build the necessary infrastructure to support its growing trade volumes. We are excited to support with our extensive China fintech network and playbook.”
Wapi Pay focuses on the Africa-Asia remittance corridor. China-Africa trade jumped 27% to $52.1 billion in the first quarter of this year 2021 compared with 2020, buoyed by the recovery of economies after the coronavirus pandemic.
Today traders have to endure high remittances fees of up to 15% of the amount, waiting period of up to five days, and are exposed the high risk of consistent reversals due to unmatched instructions, with Wapi Pay the cost reduces to below 3% and same day payout.
Sub-Saharan Africa remains the most expensive region to send money to and out, according to the World Bank, with the average cost of sending $200 being 8.02% of the principal amount compared with 4.64% for South Asia, the lowest cost globally. Seamless payment platforms such as Wapi Pay can greatly ease trade and investments, according to Ndichu.
“Wapi Pay bypasses traditional payment networks, optimizing efficiency and cost for our customers. Users choose the delivery channels they want such as Bank to Bank, Wallet to Wallet, Bank to Wallet and Wallet to Bank options to transfer funds as well as make merchant payments, with settlement done within 24 hours.”
Wapi Pay is in China, Singapore, Indonesia, Japan, Thailand, Philippines, Malaysia, India, Taiwan and Vietnam — working with local banks and platforms. It targets to process $500 million in remittances by the end of 2022, grow the number of registered suppliers and beneficiaries in Asia to 100,000; and sign up at least 500,000 merchants, traders and businesses in Africa.
CreditFins, Egypt’s first Credit Card management platform, closes a pre-seed funding round
CreditFins, a Credit Card management and financial wellness startup and the first of its kind in the Middle East and North Africa(MENA), closed a pre-seed round of investment led by Flat6Labs, AUC Angels, and TA Telecom Holding. Other Angel Investors with backgrounds in technology and investment participated in the funding, which CreditFins is deploying towards developing the product and acquiring users.
“Credit Fins has developed a cutting-edge financial technology solution to alleviate bank customers’ financial struggles, kicking off in Egypt and expanding to new markets. Add to that their solid founding team who continue to grow their business, is a sure recipe for success. Flat6labs is proud to be part of their success journey.” said Albert Malaty, Managing Director of Flat6Labs Cairo Seed Program.
CreditFins helps users repay their Credit Card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower monthly installments as part of a plan that can be easily tracked. CreditFins’ customers save 20-50% of the interest they would have paid with their bank.
“CreditFins stood out amongst their cohort because of a clear strength in the team. The diversity in their experience, and their resourceful approach to addressing the problem they’ve identified, was apparent to investors. We look forward to witnessing the growth and pivots they will go through in their mission to empower their user base through enhanced financial tools.” said Mariam Kamel, Manager of AUC Angels.
As total outstanding credit card debt in Egypt stood at more than $2 billion as of 2019, CreditFins is on a mission to grant its customers financial freedom. CreditFins is aware that falling into the vicious debt cycle is due to inaccessibility of information and lack of awareness, a gap the startup seeks to fill.
The startup is actively working to launch “CreditFins Alpha” card, introducing more features to its solution, as it strives to make its credit card management platform more compelling and to widen its customer base.
“Credit card debt is a moving target that’s hard to settle. At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated” said Sherif Radi, co-founder and CEO of CreditFins.
The company is founded by a team with extensive experience in innovation and product building. Co-Founder and CEO Sherif Radi has over 17 years of experience in innovation strategy. As former CEO of TA Telecom, his work focused on innovation, customer-centric solutions, and building new products. Co-founder and CPO, Gamal Sadek, is a tech-entrepreneur with over 11 years of experience in entrepreneurship, during which he co-directed the Founder Institute chapter in Egypt and co-founded Bey2ollak, Egypt’s number one mobile app for crowdsourcing traffic information used by over 1.3 million commuters in Egypt.
Co-founder and CCO Norhan El Sakkout, was previously an investment associate at LimeVest Partners and Beltone Private Equity, having worked at Endeavor Egypt on accelerating high-impact SMEs, then at TA Telecom; she brings the know-how in investment, finance and business continuity.
Yoco raises US$83m to scale its financial ecosystem for small businesses in South Africa
Yoco Founders (Images: Ivy Shirinda-JNPR)
Yoco, South African payments and software platform, has secured $83 million (R1.2 billion) in Series C funding amid a surge in demand for digital payments amongst African small businesses.
The latest investment round brings the total funds raised to date, by Yoco, to US$107 million. These funds will enable Yoco to accelerate the development of its financial ecosystem, which already includes online and in-store payments, business software and capital, as well as expand its market presence beyond South Africa.
Among the company’s new investors are Dragoneer Investment Group, which is making its Africa investment debut, Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, TO Ventures, Futuregrowth and several current and former executives from global tech leaders such as Coinbase, Revolut, Spotify and Gojek.
“We are excited to partner with such world-class investors who have joined our quest to break barriers and create access to financial services for millions of small businesses across the continent.” said Katlego Maphai, the chief executive office of Yoco, “Looking ahead, this investment will unlock capacity for us to accelerate product development for our merchants and continue on our growth trajectory in South Africa and beyond.”
In less than six years, Yoco has become the preferred payments partner for over 150 000 small businesses across South Africa, processing more than US$1 billion in card payments per year. Importantly, Yoco’s growth has been driven almost exclusively by small, independent businesses that were previously cash-only due to the complexity and high costs of existing alternatives.
Carl Wazen, Yoco’s chief business officer, says that despite being the largest payments platform in South Africa, Yoco is still at the beginning of its journey. “There are over 6 million small businesses in South Africa and well over 100 million across the Middle East and Africa that still transact only in cash.” Wazen says “recent consumer behaviour shows a shift away from cash and businesses have to rapidly adapt to this change. This presents a huge opportunity and it is our mission to support that transition.”
Yoco has big plans for seizing this opportunity by continuing to deepen its market presence in South Africa and expanding into Africa and the Middle East region over the next two years. The goal, according to Wazen, is to reach at least a million merchants within the next four years.
“Working so closely with small businesses during a global pandemic, and in particular through a challenging socio-economic environment in South Africa, we have a firsthand account of how agile these businesses need to be in a rapidly changing world,” says Maphai.
“Removing barriers and levelling the playing field by creating access to financial tools is a big part of answering these challenges. Yoco is at the forefront of solving what is critical for small businesses and enabling them to thrive. This new capital injection translates into an acceleration of access for small businesses in our region and beyond, bringing our vision of open commerce forward,” concludes Maphai.
Investment2 days ago
Wapi Pay secures $2.2 million to expand Africa-Asia trade payments and remittances
Press Release3 days ago
Ola Williams Named as Country Manager, Microsoft Nigeria
Philanthropy1 day ago
Black Philanthropy Month 2021: An Interview With Leymah Gbowee, 2011 Nobel Peace Prize Winner
Philanthropy24 hours ago
Black Philanthropy Month 2021: An Interview With Thelma Ekiyor, BPM Africa Chair & Founder/Chair, Afrigrants Foundation
Philanthropy21 hours ago
Black Philanthropy Month 2021: An Interview With Dr. Jackie Copeland, Founder of Black Philanthropy Month and The WISE Fund