(MENAFN- Daily News Egypt) Disruptech, the $25m fintech fund launched by Fawry co-founder and former managing director Mohamed Okasha, has been in advanced stages of negotiations for an investment injection into an emerging fintech company.
Okasha added that the deal is likely to be sealed and signed within days, before its official announcement. However, he did not disclose the name of the target company.
He noted that Egypt represents a promising market for fintech companies. The role of the Disruptech Fund is to assist companies as they start their journey until their launch on the Egyptian Exchange (EGX).
Okasha submitted his resignation from the Board of Directors of e-payment services company, Fawry, in March, to establish the Disruptech Fund. Fawry is set to be one of the investors in the new fund, which focuses on investments in Egypt with a target budget of $25m.
The Disruptech Fund's first investment was in Khazna, a company specialising in developing banking and financial solutions through a mobile application, as an alternative to cash solutions.
Khazna enables companies to easily provide multiple advanced electronically-based financial services for their employees using the mobile phone application.
Since its establishment, Khazna has provided its services to major labour-intensive companies in the industry, contracting, and call centre sectors, which hire over 100,000 employees. It has since begun expanding its services to include all economic sectors, including medium-employment companies.
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