Key Egyptian FinTech investment stats in 2022:
• Egyptian FinTech reached $259m in 2022, a 12.6% increase from 2021
• Egyptian FinTech deal activity last year reached 37 deals, a 23% drop from 2021
• PayTech was the most active FinTech subsector in Egypt with 16 transactions
Egyptian FinTech reached new heights in 2022 with investment setting a new record for the country. FinTech investment in Egypt reached $259m in 2022, a 12.6% increase from the previous year. Despite this success deal activity saw a 23% drop reaching 37 FinTech deals during 2022. Although there was a drop in deal activity which is inline with global trends an increase in investment signals continued interest from VCs. Average FinTech deal size increased 46% from the previous year.
Paymob, a digital payments platform, was the largest FinTech deal in Egypt during 2022, raising $50m in their latest Series B funding round, led by Clay Point Investors, Kora and PayPal Ventures. The funds will be utilized to enhance the company’s growth by broadening its array of products, strengthening its dominance in the Egyptian market, and venturing into novel markets within the Middle East and Africa region. Paymob most recent update added new payment methods such as mobile wallets, QR payments, bank cards’ instalments, Buy-Now Pay-Later, and consumer finance payment options.
PayTech was the most active FinTech subsector in 2022 with 16 deals, a 43% share of total FinTech deals. Lending Technology was second with seven deals and Property Technology was third with four deals. The total transaction value for Egypt’s digital payment sector is expected to reach $14.15bn in 2023 and increase at a CAGR of 11.36% from 2023 to 2027.
Cairo was the most active city in Egypt with 30 deals, accounting for 81% of FinTech deals in the country during 2022. Gaza was the second most active with five deals.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2023 FinTech Global