Back to the complete issue
Tuesday, 25 August 2020

MagicCube secures undisclosed second investment from Visa

Mobile security startup MagicCube has secured an undisclosed second investment from Visa, Business Insider reports. “Visa’s continued support of MagicCube shows how much potential there is in the new SDT category, which we are leading,” MagicCube CTO Nancy Zayed said. Zayed (LinkedIn) and co-founder Sam Shawki (LinkedIn) are an Egyptian power couple whose careers have taken them from an Egyptian startup to major tech companies including Apple and Netscape — back to a startup, this time in the heart of Silicon Valley.

What does MagicCube do? It offers a software-based “trusted execution environment” for mobile and internet of things devices, allowing businesses to process secure payments and protect personal data. CIB’s VC arm CVentures, along with Bold Capital, Epic Ventures, Sony, NTT Data, Azure Capital, Visa and Luqman Weise Capital, have recently invested in the company.

Learn more about MagicCube and the company’s awesome founders in the third season of Making It, our podcast on how to build a great business in Egypt. Season three kicks off at the end of September.

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.