Cairo Tech Scene: Boosting Digital Transformation in MENA
Regional companies are coming together to propel digital transformation in the Middle East and North Africa region to new heights.
Saudi Arabia’s Alraedah Digital Solutions Partners with ABHI
Saudi Arabia’s Alraedah Digital Solutions, the innovation arm of Alraedah Digital Group, has signed a deal with regional fintech ABHI to enhance financial inclusion in the Kingdom.
Alraedah Digital Solutions will utilize ABHI’s advanced technological capabilities to introduce innovative financial services tailored to the Saudi market, focusing on launching new financing products collaboratively.
With a commitment to a $200 million investment over three years, Alraedah aims to support the development and localization of ABHI’s products for the Kingdom.
Comera Financial Holding and Beltone Holding Join Forces
Abu Dhabi’s Comera Financial Holding and Egypt’s Beltone Holding have partnered to drive digital transformation and improve customer experience in Egypt.
The strategic collaboration will focus on knowledge transfer and the introduction of new digital solutions in various financial sectors such as payments, consumer finance, SME finance, and supply chain financing.
MoneyHash Teams Up with Visa
US-based fintech MoneyHash has announced a collaboration with digital payments giant Visa to enhance digital payment experiences across the MENA region.
By leveraging Visa’s digital payment solutions and security infrastructure, MoneyHash aims to offer secure and advanced payment services to its customers.
Dubizzle Expands with Drive Arabia Acquisition
Dubizzle Group has acquired Drive Arabia to strengthen its position in the automotive sector across the MENA region, enhancing its automotive advertising services and market reach.
The integration of Drive Arabia will enable Dubizzle Group to introduce new products and better serve the evolving needs of automotive customers in the region.
Swypex Secures $4M in Seed Round
Egyptian fintech startup Swypex has raised $4 million in a seed investment round led by US venture capital fund, Accel, to streamline financial operations and maximize business potential in Egypt.
The platform integrates payments, invoice management, and corporate cards to simplify financial management for businesses and support scalable growth.
Monsha’at Graduates 25 Startups from Qassim University
Saudi Arabia’s Monsha’at has announced the graduation of 25 startups from Qassim University’s business incubator, helping creative ideas transition into market-ready startups capable of securing investments.
April Startup Funding Sees Decline in MENA Region
Startup funding in the MENA region experienced a 78% decline in April, with only 19 startups raising $55 million, showcasing the challenges in achieving gender parity in the startup ecosystem.
Despite the decline, fintech remained the most funded sector, with UAE-based startups leading the charts in funding amount.