The Egyptian fintech startup Vapulus for E-payment has closed seed investment deal with a regional venture capital fund raising 250,000 $, just before launching series A round, at which it’s targeting to raise 3$ Million, preparing to launch its first phase of operations in Egypt, Jordan, and Bahrain.
This investment came after Vapulus announcement that it has doubled its valuation 13x just in one year, thanks to developing the first mobile payment solution in the world that enables end users from getting their payments done in stores by only one touch, completely independent on current used technologies like NFC and QR code, that requires special hardware investment from both sides merchant and customer.
“Our startup is revolutionary changing the mobile payment technologies scene specially in stores, as we could overcome the most challenging obstacles that are lowering payment sector growth, meanwhile NFC-enabled POS face difficulties in market penetration even at developed countries, we have invented a smart, secure and easy mobile payment solution which is compatible with all smartphones and MPOS, and even assure that network disconnection will not prevent the transaction” Abdelrahman Elsharawy, CEO & Co-Founder of Vapulus said.
Elsharawy added “we are part of a fast growing sector, however mobile payment usage remains relatively small, about 1% of total retail sales in US, According to the latest Mastercard’s report, the report expected 8% annual compound growth, and using innovation we can push this rate higher, and increase our market potentials, this is exactly what Vapulus is doing, as applying for an international patent has played a vital role during negotiation with our investors”.
Vapulus is more than a payment platform, as it has developed its platform to enable cashiers from identifying their customers before they even reach the payment device “POS”, which assures faster payment transaction, in addition, the platform contains a various set of services that keeps merchants in contact with their customers.