(MENAFN- Daily News Egypt)
Disruptech, a prominent venture capital firm in Egypt's financial technology sector, has announced a strategic investment in Banknbox, a leading provider of banking solutions, electronic payments, smart transportation tech, and digital government payment solutions.
This strategic partnership aims to introduce innovative services and unprecedented integrated solutions for banks and financial technology companies in the local and regional markets through its regional headquarters in Egypt.
The investment will facilitate Banknbox's expansion into new markets, enhance its capabilities to meet evolving customer needs and support the fund's investments in other companies.
Disruptech recognized Banknbox's unique capabilities in delivering integrated services through its internally developed platform. This platform enables rapid and continuous expansion and development to meet customer requirements.
The partnership will allow Disruptech to leverage Banknbox's 15 years of experience in financial technology solutions for its current and future investments. It marks Disruptech's first investment in a comprehensive platform for payment processing and digital banking technology.
Banknbox's mission is to provide reliable, highly secure digital banking services to banks and financial institutions, aligning with the vision of the Central Bank of Egypt to support financial inclusion, banking technology, and digital payments.
Mohamed Okasha, Managing Partner, DisrupTech Egypt, commented on the investment,“We are thrilled to partner with Banknbox and support their mission of delivering advanced financial technology solutions. Banknbox's team brings expertise in providing financial technology services, a commitment to innovation, customer satisfaction, and revolutionizing how banks and companies operate, offering integrated digital services.”
This investment aligns with Disruptech's commitment and vision to invest in innovative technologies capable of supporting financial technology companies. This investment will benefit Disruptech's existing and new clients by providing secure and innovative services and solutions.
Okasha added that this investment positions Banknbox as the hub for its operations to provide services to both the Egyptian and regional markets, supporting the company's external expansions.
Banknbox CEO and Managing Director Basem Mahmoud, expressed his pleasure at collaborating with Disruptech, saying,“We are proud of what we have achieved so far in providing services through our integrated platform in Egypt. We are enthusiastic about working with Disruptech as a partner in our mission to offer a comprehensive platform for banking services and payment technology.”
He further stated that Disruptech's experience in financial technology investments will be valuable in helping them develop their platform and expand their reach in the Egyptian and regional markets.
He also added,“Disruptech's experience in financial technology investments will be beneficial in helping us develop our platform and expand our reach to the Egyptian market and regional markets.”
Banknbox offers digital services developed in-house to achieve complete flexibility in the services provided, ensuring their alignment with customer requirements and delivering them quickly and cost-effectively. These services include integrated digital banking services, starting from mobile banking and internet banking applications, White Label electronic wallets, Tokenization services, e-KYC electronic customer identification services, artificial intelligence technology, and various other services, including Chatbot, Open Banking APIs, and more. Additionally, it includes services for automated branches, and communication services technology, enabling banks to rely on a single platform for providing all digital banking services. This is in addition to various other services, including the issuance and processing of bank cards of all types, including credit cards, direct debit cards, and prepaid cards, as well as Personalization card diagnostics, both centrally and through branches.
Banknbox is currently in negotiations with several banks and financial institutions within and outside Egypt to provide various services using its infrastructure. The company relies on its team's experience and systems developed internally in Egypt, adhering to the highest standards of security and quality based on its experience with dozens of banks, financial institutions, and government entities worldwide.
Banknbox also provides card issuance and processing across card types, real-time card personalization, ATM management, POS and SoftPOS transaction acceptance, and a White Label payment gateway, with all systems that enable customers to define and manage merchant accounts and process transactions, whether locally or globally.
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