Back to the complete issue
Wednesday, 19 February 2020

Digified to complete first round financing by end of 2020

STARTUP WATCH- Digified to complete first funding round by end of 2020: Cairo-based fintech startup plans to complete its first round of financing from local and international investors by the end of 2020, CEO Ibrahim Hassan told Al Mal. The company will use the capital to expand its existing identity verification services to new sectors and customers in the banking and non-financial financial sectors. Digified is one of three companies — along with Valify and Bangalore-based FRS Labs — currently testing an automated know your customer system (e-KTC) for the Central Bank of Egypt, as part of the bank’s fintech hub slated to open in the second quarter of this year.

Digified uses machine learning technology to extract data and verify identities from official Arabic-language documents. Part of accelerator Falak Startups, it was the only Egyptian finalist at last year’s Seamless North Africa pitch-off.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.