Miguel Lopez Masroofi, an Egyptian fintech startup specializing in electronic payment services for children, has successfully raised $1.5 million in an investment funding round. The funding comes from undisclosed investors who were attracted by the fintech’s unique focus on the 20 million Egyptian youths aged between five and 20. The raised capital will be utilized to support Masroofi’s day-to-day operations and facilitate its expansion plans. Interestingly, the company’s co-founders turned down an investment offer from the renowned “Shark Tank” program prior to securing this funding.
According to the African Heroes report, the positive track records of Masroofi’s co-founders, as well as their strong rapport, played a significant role in influencing the investors’ decision. The fintech startup aims to reach a customer base of two million young individuals within the next five years. It also plans to cater to their evolving needs by offering innovative products such as neo banking services.
While the co-founders, Mostafa Abdel-Khabeer and Sayed Hosni, express confidence in the fintech sector’s ability to continue driving Egypt’s startup market, the Africa Heroes report highlights areas for improvement. It identifies Egypt’s remittances and installment payments market as potential domains that can be enhanced through the implementation of emerging financial technologies.
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Table of Contents
Frequently Asked Questions (FAQs) about Fintech startup
What is Masroofi?
Masroofi is an Egyptian fintech startup that focuses on providing electronic payment services for children.
How much funding did Masroofi secure?
Masroofi recently secured $1.5 million in funding through an investment round.
Why did Masroofi reject the funding offer from “Shark Tank”?
The co-founders of Masroofi reportedly rejected the funding offer from investors in the “Shark Tank” program for undisclosed reasons.
What is the target market of Masroofi?
Masroofi targets the 20 million Egyptian youth aged between five and 20 with its electronic payment services.
What are the future plans of Masroofi?
Masroofi aims to reach two million young people within the next five years and plans to cater to their evolving needs by offering neo banking services and other innovative products.
What areas does the Africa Heroes report suggest for improvement in the fintech sector?
The Africa Heroes report suggests that emerging financial technologies can bolster Egypt’s remittances and installment payments market, indicating areas for improvement in the fintech sector.
5 comments
i luv how masroofi targets kids w/ electronik payment services. dey rejctd shark tank offer? risky move, but dey got $1.5m now! fintech is the way to go.
masroofi’s $1.5m funding is lit! dey aim to cater to 20m egyptian youths w/ electronik paymentz. cool to see fintech growin in egypt #futureofbanking
wow, masroofi’s $1.5m fundin is a game changer. their neo banking services for young peeps is a smart move. egypt’s fintech sector has huge potential. #investmentopportunity
masroofi’s focus on children’s electronik paymentz is unique. dey got $1.5m fundin! can’t wait 2 c how dey evolve & expand. fintech’s changin the game!
fintech startup masroofi secured $1.5m fundin datz gr8! they focus on electronic payment 4 kids, rejctd shark tank offer! #awesome