PayMint – the Egypt-based fintech startup- gets a seed funding of 7 figures from AUR Fintech- subsidiary of AUR Capital, to support PayMint’s expansion plan in fintech and SMEs financial inclusion in the Egyptian market.
PayMint launched its services by 2019 Providing financial technology services to small and medium-sized companies, primarily salary payments, working capital financing and supplier payments.
“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 wide range of microfinance in addition to bill payments.”
PayMint targeting to 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, according to Rabie.
Rabie pointed that his company works on getting an advantage of the positive ecosystem especially in the fintech field to step further and enhance its services as PayMint plans to issue over 150,000 of Miza cards for beneficiaries through 2022 after getting needed permissions.
Mohamed Yahya, Vice Chairman Paymint praised the steps taken by the Central Bank of Egypt in light of the Egyptian state’s directions to support startups, including 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.
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