(4 minutes read)
- FinTech Egypt – an initiative powered by Central Bank of Egypt (CBE) – has released a comprehensive report on the growth of the Financial Technology (Fintech) industry over the last few years
- The report, which contains a detailed description of the FinTech ecosystem and its stakeholders, such as incubators, accelerators, investors, and supporting organizations, is the first of its kind in the country
- Apart from capturing the present landscape of the industry, the report analyzed the potential of the sector and suggested measures needed for boosting the sector
FinTech Egypt – an initiative powered by Central Bank of Egypt (CBE) – has released a comprehensive report on the growth of the Financial Technology (Fintech) industry over the last few years.
The report, which contains a detailed description of the FinTech ecosystem and its stakeholders, such as incubators, accelerators, investors, and supporting organizations, is the first of its kind in the country. Apart from capturing the present landscape of the industry, the report analyzed the potential of the sector and suggested measures needed for boosting the sector.
There has been a tremendous growth in venture capital investments over the last 5 years in fintech companies. It has increased from around US$ 1million raised by 3 FinTech companies in 2017, to US$ 159 million in 2021. Total number of fintech companies availing the support of venture capitalists increased to 32 for that many deals. That is a whopping increase of 300 percent in the last one year.
FinTech & FinTech-enabled startups operating have been steadily growing. They increased from only 2 startups in 2014, to reach 112 by the end of 2021. These companies are spread over 14 innovative sub-sectors as payments and remittance, B2B Marketplaces, lending and alternative finance, etc.
Majority of Egyptian FinTech startups were established by the youth. Their age profile ranges between 25 and 35 years. Twenty-four startups have expanded in this field at the regional and international levels. Their presence was mostly in the MENA region, GCC Countries, and Europe.
This report is prepared by collating primary data received from 112 FinTech & FinTech-enabled startups, and 18 of ecosystem facilitators including incubators, accelerators, investors, and supporting organizations.
