Zenda, FinTech startup for families raised 9.4 million USD in a seed round

Newsletter

27 Apr 2022

For our top EGX and companies talks today, first, Zenda, FinTech startup for families raised 9.4 million USD in a seed round. Zenda currently addresses pain points around the payment of school fees. Using Zenda, families can track dues and make payments through a multitude of pay-now and pay-later options, and unlock rewards for paying on time. Zenda integrates with schools through its proprietary data model and APIs and eliminates last mile reconciliation challenges and delays. Zenda’s mission is to help families thrive and it aims to make it easier for families to manage money and to enable their financial wellness through tailored banking and financial experiences. (WAYA)

Second, Swvl, a global provider of transformative tech-enabled mass transit solutions, acquired Volt Lines, Turkey-based B2B and Transport as a Service mobility business.
The acquisition builds on Swvl’s recent acquisitions of Shotl and Viapool, and pending door2door. Founded in 2018, Volt Lines has a presence in major Turkish cities including Istanbul and the capital Ankara. The company provides corporate clients with a smart and cost-effective alternative to public transportation or ride hailing for commuters by utilizing a network of smartly routed shared buses. (WAYA)
Also, UAE platform Millennial Brands has raised 35 million USD in an investment growth round led by Global Emerging Markets Group and the participation of Al Attiyah Group, Dash Ventures, Shango Consulting and a number of regional investors.
The e-commerce company Millennial Brands, specialized in launching and developing digital brands in the UAE, was established in 2018, where the platform provides its services at the level of the cosmetics and body care sector and provides products directly to the consumer (D2C), and manages the operations of many digital brands in the region and serves thousands of consumers. This funding will be used to launch the company's new brand, develop consumer service technology, and expand the range of categories it provides under its registered brands. (WAYA)
Moreover, UAE-based fintech platform FlexxPay is expanding to Egypt, it announced in a press statement (pdf) last week.
The company, which provides flexible salary payment services, is already active in the UAE and Saudi Arabia, and is now making Egypt its third market with the opening of an office at the Greek Campus in Downtown Cairo. FlexxPay did not respond to Enterprise’s questions about the specifics of its launch or its targets. FlexxPay’s entry to Egypt comes as more fintech players widen their presence in the country. Last week, China-backed fintech player OPay received preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP). Other Africa-focused fintechs such as Churpy and ImaliPay have said recently they are preparing to set up shop in Egypt. (Enterprise)
Saudi Seventh Investment Company has purchased an additional 6.5% stake in Tenth of Ramadan for Pharmaceuticals Industries and Diagnostic Reagents (Rameda) (RMDA), with the company's total stake in Rameda rising from 4.51% to 11.01%.
Accordingly, the company’s bought 65 million more shares with a total value of 135.2 million EGP, equivalent to an average price of 2.08 EGP per share. Rameda is an Egypt-based pharmaceutical company that manufactures both human and veterinary pharmaceuticals. It operates three fully independent factories at its plant, including 20 production lines capable of producing a wide range of general medicinal forms, namely eye drops, solid dosage forms, syrups, blow-fill-seal, and lyophilized vials, among others. (EGX)
Egyptian Chemical Industries (KIMA) (EGCH) has sold 86 residential units out of total units of 135 in Al Rehab Kima Complex in a public auction. The remaining 49 units will be offered for sale in two upcoming auctions.
The first auction will be held on May 12th to offer 27 units for sale, while the second will take place on May 13th to sell 22 units. KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is engaged in the agricultural chemicals industry sector. The company produces and distributes various products, including urea, ammonium nitrate, ferrosilicon alloy, liquid ammonium nitrate fertilizer, prill ammonium nitrate fertilizer, liquid ammonia, aqua-ammonia, nitric acid, hydrochloric acid, and silica fume. (Arab Finance)
The Alexandria Oil and Soap Company, one of the Holding Company for Food Industries affiliated to the Ministry of Supply and Internal Trade, aims to reach the company’s revenues this year to 4 billion EGP by the end of 2022, an increase of 1 billion EGP over last year, according to the assurances of Dr. Ahmed Abdel Wahab, the company’s president.
The head of the Alexandria Oil and Soap Company explained that there are attempts to re-export again to Libya and Yemen, after it stopped as a result of the current events in those two countries. He pointed out that the export of free oils that are produced locally has been suspended for a period of 3 months to provide the product in the local market, in accordance with the decision of the Ministry of Trade and Industry. (Al Mal)
El Nasr Housing and Development has signed an agreement with Scope International for Engineering and Architecture for the development of Mokattam Corniche at a total cost of 32 billion EGP, with expected revenue of around 61 billion EGP.
The project is located on 1.75 million square meters (sqm) at the Mokattam district. This move comes within the framework of the Ministry of Public Business Sector's strategy to benefit from assets owned by its affiliated companies and to encourage partnerships with the private sector. It is worth noting that El Nasr Housing is a subsidiary of the Holding Company for Construction and Development, an arm of the Ministry of Public Business Sector. (Arab Finance)
US-based conglomerate Honeywell is set to invest around 200 million USD in petrochemicals and green fuel production for airplanes in Egypt, President of Honeywell International for Egypt and North Africa Khaled Hashem announced.
Honeywell will also participate in the installment of Rubber Tired Gantry (RTG) devices for monitoring warehouses in partnership with Egyptian General Petroleum Corporation (EGPC). The cooperation with the American conglomerate is expected to save between 20% and 30% of the manufacturing costs. Egypt has the potential to become a pivotal centre linking Europe to the Middle East in green fuel projects to supply ships and produce hydrogen and ammonia. (Arab Finance)
Moving to economy and markets talks, Egypt’s financial inclusion rate, including citizens of age 16 and older, reached 56.2% by the end of 2021.
The rate of financial inclusion soared 115% in 2021, including 36.8 million citizens. It is worth noting that the financial inclusion indicator comprises various types of accounts that enable financial transactions including accounts at banks and Egypt post, in addition to mobile wallets and prepaid cards. (Ahram Gate)
Egypt is set to receive a 55,000-ton wheat cargo from India, UK’s Angus Media reported.
The Indian wheat cargo will be the first to Egypt, after the North African country approved its phytosanitary - a measurement to ensure agricultural corps are free of diseases. Earlier in April, Egypt added India among its approved wheat suppliers. A delegation from the Egyptian Ministry of Agriculture has visited India and inspected Indians systems for plant health and control of grain exports. Egypt aims to supply around six million tons of local wheat at a value of 36 billion EGP in 2022. (Arab Finance)
The Arab Monetary Fund (AMF) has granted 623 million USD in loans in 2021 to support balance of payments and reform programs in various sectors, according to the AMF’s annual report published on April 26th.
The fund also released $403.7 million of previously contracted loans in 2021. Last year, the AMF’s Arab Trade Financial Program financed transactions amounting to 1.403 billion USD. Moreover, the value of disbursement under the program reached 1.012 billion USD. (Arab Finance)