Marhaba, fintech friends!

It's been a rough ride for Egypt's economy lately: FX volatility, inflation and fiscal reform have all cast a shadow of investor doubt on the country's investment landscape.

But over the last few months, some rays of sun have managed to break through and this week, they came from fintech. Three fundraises and two exits signal that while macro uncertainty lingers, confidence in Egypt’s long-term digital financial future hasn’t gone anywhere.

In a country of over 100 million people, with ~67% financially excluded and 72% connected to the internet, the fundamentals are hard to ignore. In Egypt, that means a golden fintech opportunity that stands the test of time - and turbulence.

Read on for more on this, and other fintech news across MENA.

💸 Fundraises and Exits

 🇪🇬 Thndr, Egypt-based robo-advisory platform, raises $15.7 million in Series A funding led by Prosus, joined by YC, BECO Capital, Endeavor Catalyst and other investors

🇪🇬 Used cars marketplace, Sylndr, closes a $15.7 million Series A round, as it expands beyond sales into auto financing, servicing and tools for dealers 

🇪🇬 AlGameya, a fintech digitizing money saving circles across Egypt, announced a 7-figure round, led by AYADY for Investment and Development

🇪🇬 MaxAB-Wasoko, Africa-HQ e-commerce super app is acquiring Egyptian B2B marketplace, Fatura, from EFG Finance

🇪🇬 Catalyst Partners Middle East acquires Qardy, a digital lending marketplace, for $23 million through a share swap agreement, marking Egypt's first fintech SPAC deal

🇭🇰🇦🇪 Tradoor, HK-based crypo-trading platform, raises $3.2 million in a funding round joined by UAE-based VentureSouq

💰 Funds

Emirates Development Bank launches the Emirates Growth Fund: a $272 million growth equity platform to support the expansion of UAE SMEs

PIF decreases its shares in 16 US businesses, including Microsoft, Alphabet and Meta; increased them in 11 companies including Amazon, DoorDash and Air Products and no longer holds call options in Netflix, T-mobile, Nike, Crowdstrike and Pfizer.

🚀 Partnerships & Product Launches

Mashreq Bank rolls out an API marketplace for corporate clients, developers and fintechs, offering visibility into cash positions and transactions

Du Pay partners with Checkout.com to deliver faster, more reliable and secure financial transactions to its users

Lulu Financial Holdings partners with earned wage access platform, Abhi, to allow workers in the UAE to withdraw their salary early and send money internationally quickly

BitOasis, UAE-HQ virtual assets trading platform, expands its services to Bahrain

Banque Saudi Fransi introduces a next-gen digital banking platform in partnership with AI-powered banking technology expert, Backbase

UAE-based digital bank Zand Bank and Mamo become the country’s first companies to leverage Ripple Payments, its blockchain-enabled cross-border payments solution

Thndr launches Thndr Alpha, a guided investing experience for first-timers, and ThndrX, a high-performance platform for active traders.

🏛 Licensing & Regulations

Badwa Capital, a wholly owned subsidiary of UAE-based Badwa Capital DIFC, receives CMA approval to conduct arranging activities in Saudi Arabia, including M&A, private placements, IPO advisory and capital structuring.

📺 Watch of the week: Thndr's - and MENA fintech's - first keynote product reveal

For the non-Arabic speakers in the room, here's the lowdown:

⚡ Thndr was founded to make investing accessible to anyone in the MENA region, regardless of age, location, experience, gender or socio-economic background

⚡ Since its foundation, 1.5 million people opened an account and 4 million downloaded the Thndr app. About 80% of users are first-time investors.

⚡ Alpha is Thndr's latest product geared toward that mission: a personalized advisor that guides users throughout their investing journey

⚡ ThndrX is another: a holistic platform for active traders, designed for what they truly need: speed, vision and precision.

⚡ What it means to build a Grade A investment platform: investment optionality, personalized advice tailored to risk profile and financial capability and scenario-planning features

⚡ Co-founder and CEO, Ahmad Hammouda, announces $15.7 million in new funding from prominent investors including Prosus, BECO Capital, Y Combinator, among other investors.

Thank you for tuning in!

If you have feedback on this edition of This Week in Fintech MENA, please reach out on LinkedIn.

Until next week,

Salam ✌🏼