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Wednesday, April 17, 2024

Egypt-based Fintech Masroofi Raises $1.5 million


Masroofi, an Egyptian financial technology startup, has recently achieved a major milestone by concluding a successful financing round, securing an impressive $1.5 million from undisclosed investors. The company’s core focus lies in providing electronic payment services tailored specifically for children, with an ambitious vision to offer innovative solutions that hold substantial growth potential.

The brainchild of Mostafa Abdel-Khabeer and Sayed Hosni, Masroofi took a bold step by turning down a tempting 16 million-pound offer from investors on the renowned “Shark Tank” program. Instead, the determined founders opted to pursue external investment, a decision that has now proven to be fruitful, culminating in the significant $1.5 million funding that will fuel the company’s expansion and operational endeavors.

Established in 2022, Masroofi has been dedicated to providing electronic payment services catering specifically to children in Egypt. The company’s mission aligns seamlessly with the government’s digital transformation and financial technology adoption plans, as it strives to enhance financial inclusion for young individuals aged 5 to 15.

A noteworthy aspect of Masroofi’s offerings is its unique bank card system. Each account comes with three cards, a feature that has not been available in the Egyptian market before. Demonstrating their proactive approach, the company has successfully partnered with the Arab Bank to issue these cards. Furthermore, Masroofi has also secured a crucial agreement with Visa, solidifying their commitment to establishing strong and valuable partnerships in the industry.

Looking ahead, Masroofi harbors ambitious aspirations, aiming to reach an impressive 2 million children nationwide over the next five years. Initially, the company will be focusing on capturing the market of around 4 million children in Cairo, Giza, and Alexandria, along with an additional 2 million children in compounds, international clubs, and schools. The startup’s adaptability is evident in its intention to evolve alongside its customers, ensuring that their changing needs across various market segments, including Neo Bank services, are efficiently addressed.

The founders of Masroofi are highly optimistic about the future prospects of financial technology companies in Egypt. Citing the vast market potential and the pivotal role of money management, they firmly believe that the financial technology sector will continue to dominate the startup landscape in the country.

As Masroofi continues to make waves in the financial technology sphere, its commitment to driving financial inclusion for children and its innovative approach to electronic payment services position it at the forefront of Egypt’s startup ecosystem. With the backing of recent funding and a strategic vision, Masroofi is poised to leave a lasting impact on the industry and play a crucial role in shaping the financial landscape for the better.

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