Egyptian fintech startups have attracted $167 million worth of investments during the first half (H1) of 2022, according to a recent report by Fintech Galaxy.

The amount was collected in 31 transactions of which series A and B funding accounted for around 90%.

The report ascribed growth in fintech funding to regulatory reforms implemented by the Egyptian government and the increase in the number of investors in the market.

Among initiatives that boosted the market are the Central Bank of Egypt’s (CBE) Sandbox and the launch of Nclude Fintech Fund.

The first popular source of funding for Egyptian fintech startups was bootstrapping, followed by venture capital (VC) funding.

Bootstrapping is relying on personal resources when building companies, while VCs are private equities that fund promising startups.

As for top appealing activities, around 58% of funds disbursed for Egyptian fintech startups in H1 2022 were collected by companies operating in the payment and remittances activity.

Furthermore, startups operating in lending and alternative finance attracted 26% of total financing, followed by startups operating in wealth management and savings with 12%.



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