Back to the complete issue
Monday, 15 June 2020

CVentures makes undisclosed investment in MagicCube

STARTUP WATCH- CIB’s VC arm CVentures has made an undisclosed investment in US-based mobile security startup MagicCube, according to a statement (pdf). CVentures joins a group of investors led by Bold Capital, Epic Ventures, Sony, NTT Data, Azure Capital, Visa and Luqman Weise Capital. “We are delighted to see VC firms of large acquiring banks like CIB supporting the new paradigm of mobile and IoT security,” MagicCibe co-founders Nancy Zayed and Sam Shawki said. MagicCube offers a software-based “trusted execution environment” for mobile and internet of things devices, allowing businesses to process secure payments and protect personal data. The company says it wants to “disrupt the legacy payment terminals market, a USD 48 bn a year industry that merchants and banks are forced to participate in.”

Making payments easier is the goal, says CVentures director Shady Tadros: ““Hardware-based security has prevented banks and progressive retailers from trading archaic POS systems for modern, user-friendly consumer devices able to scan cards, digital wallets, and QR codes.”

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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.