dfin Holding, EFG Hermes & Marakez Invest in Egyptian Fintech KIWE
Looking to disrupt the electronic payment space, KIWE has its sights set on transforming Egypt into a contactless-cashless society.
The first licensed social peer-to-peer payment app in Egypt, KIWE, has raised its first funding round, one led by dfin Holding - a tech-based financial services platform regulated by the Egyptian Financial Regulatory Authority - with participation from EFG Hermes, Marakez for Development and unnamed but prominent angel investors.
Harnessing the power and resources of this strategic investor consortium, the fintech startup is on a mission to accelerate the growth of its mobile pocket platform in Egypt. KIWE will utilise dfin’s tech-based financial services portfolio and EFG’s ValU as a key payment method while rolling out across Marakez’s extensive portfolio of commercial and residential projects to drive it closer towards its goal of creating a stronger E-payments presence in the financial ecosystem.
Similar to the popular US-based Venmo application, KIWI provides users with a simple and secure payment transfer experience. This technology can be game changing for freelancers and business owners, providing them with seamless online and offline payments.
Ultimately, KIWE has its sights set on transforming Egypt into a contactless-cashless society. The startup adheres to the regulations of the Central Bank of Egypt (CBA) and the country’s digital transformation policies, making it the first licensed payment transfer app in the country. CBE has been instrumental in boosting E-payment and supporting the overall fintech infrastructure in Egypt, aligning with Egypt’s Vision 2030 national strategy that places digital transformation at its core.
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