Back to the complete issue
Wednesday, 15 June 2022

Investors apply for fintech investment banking license

A group of investors has applied to obtain a fintech investment banking license from the Financial Regulatory Authority (FRA) for an M&A-focused firm, the investors’ legal advisor, Dreny & Partners, said in a press release (pdf). The investors include Mohamed Aboulnaga Nagaty, founder of M&A advisory outfit Pie Consulting and co-founder of Halan (now MNT-Halan), founding partner of Amer Group Omar Amer, and Omar and Adham Wagdy, founders of Basita Holding for Financial Investments.

The group is also working to establish a holding company that will encompass Pie Consulting and its subsidiary Exits, an online M&A marketplace Pie recently acquired, Dreny & Partners founding partner Moataz El Dreny told Enterprise. El Dreny expects the license to be obtained within a couple of months.

IN OTHER FINTECH NEWS-

  • Fintech company Raqamyat is launching its operations and will offer e-payment solutions for e-commerce businesses and online retailers, it said.
  • Fintech player Lucky received the greenlight from the Central Bank of Egypt to launch its Lucky One Card, which allows customers to access cashback rewards, pay mobile bills, and withdraw and deposit funds. (Statement, pdf)

EDITOR’S NOTE- Corrected on 16 June, 2022

An earlier version of this story had identified Mohamed Aboulnaga Nagaty as the CEO and co-founder of Egypt-based Klivvr. The story has been updated to reflect the fact that Nagaty no longer holds this position.

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.