Egypt-based Fintech Masroofi Raises $1.5 million
Masroofi, a financial technology startup based in Egypt, recently concluded a financing round, securing $1.5 million from undisclosed investors. The company specializes in electronic payment services for children and aims to provide innovative solutions with significant growth potential.
The founders of Masroofi, Mostafa Abdel-Khabeer and Sayed Hosni, declined a 16 million-pound offer from investors on the "Shark Tank" program. Instead, they pursued external investment, leading to the successful financing round. The $1.5 million investment will support the company's expansion and operational activities.
Masroofi, established by Mostafa Abdel-Khabeer and Sayed Hosni in 2022, focuses on providing electronic payment services for children in Egypt. By offering tailored policies that cater to Egyptian families' needs, Masroofi aims to enhance financial inclusion for children aged 5 to 15, aligning with the government's digital transformation and financial technology adoption plans.
One of Masroofi's key offerings is a bank card system, with each account providing three cards, a feature not yet available in Egypt. The company has successfully partnered with the Arab Bank to issue these cards and also secured an agreement with Visa, showcasing their proactive approach to establishing strong partnerships.
Over the next five years, Masroofi aspires to reach 2 million children nationwide. Initially, their target audience includes around 4 million children in Cairo, Giza, and Alexandria, along with 2 million children in compounds, international clubs, and schools. Masroofi aims to evolve with its customers, addressing their changing needs across various market segments, including Neo Bank services.
The founders firmly believe that financial technology companies can continue to dominate the startup market in Egypt. With a large market and the essential role of money management, the financial technology sector holds a prominent position.