Amid the unprecedented wave of digital transformation taking place across the Middle East, the world of finance in Egypt is showing great appetite to innovate and modernize. In recent years, Egypt’s nascent fintech ecosystem has been flourishing at a remarkable pace, witnessing a significant increase in the number of companies operating in the sector, a marked rise in venture capital (VC) investments and a growing international expansion.
Although it still has a long way to go before reaching its maturity, the numbers speak for themselves. Between 2014 and 2021, Egyptian fintech startups increased from only two to 112, according to a report released in February by FinTech Egypt, an initiative powered by the Central Bank of Egypt to promote and support the industry. VC investments in the sector rose from only $1 million in 2017 in three deals to $159 million raised in 2021 in 32 deals. And today, 24 Egyptian fintech companies already enjoy significant presence in the Middle East and North Africa, particularly in the Gulf countries, and in Europe.
