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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.

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