Ebtikar to invest EGP 35 mn in non-banking financing, e-payment apps in Egypt
Ebtikar to invest EGP 35 mn in non-bank financing, e-payment apps: B Investments’ Ebtikar for Financial Investment has earmarked EGP 35 mn to invest in non-bank financing and e-payment startups as part of the company’s ambitious expansion plans, Chairman Aladdin Saba tells Hapi Journal. Saba did not disclose a timeline for the investments. The total sum could yield around 10 separate investments, the chairman says, noting that each investment usually lands in the USD 100k range. Ebtikar has been eyeing seven potential investment targets, and has agreed to invest in two of them in exchange for a stake of no more than 5% in each company, Ebtikar CEO Ayman El Dessouky tells the local press.
The company also plans to begin offering consumer finance services and is in the final stages of setting up two separate consumer finance arms, El Dessouky says. The new companies will be partially owned by TCV1 and Acquire for Investment, alongside individual investors. They should officially launch operations in 2020, according to Ebtikar’s CEO.