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Egypt’s fintech Banknbox raises funding to facilitate it’s expansion into new markets

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Egypt-based fintech startup Banknbox has raised funding from Disruptech Fund a prominent venture capital entity specializing in financial technology .

Founded this year by Basem Mahmoud, Banknbox offers a wide array of services ranging from ATM management, transaction monitoring, POS and soft-POS electronic payment machines, payment gateway, and anti-fraud systems, among others.It caters to diverse sectors including finance, healthcare, and transportation.

Mohamed Okasha, CEO of DisrupTech Fund, expressed enthusiasm for the partnership, highlighting the potential to revolutionize the industry. He emphasized the commitment to investing in innovative technologies that support financial technology companies, enabling the provision of safe and innovative services.

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This investment is aimed at facilitating  Banknbox’s expansion into new markets but also enhances its capabilities to meet evolving client needs, aligning with the broader objectives of DisrupTech Fund in its investments across various companies.

The collaboration underscores Banknbox’s distinctive capabilities in providing integrated services through its internally developed platform, positioning it as a leader in payment processing and digital banking technology. Drawing upon Banknbox’s 15-year experience in financial technology solutions, DisrupTech Fund aims to inform its current and future investments, expanding its portfolio with a focus on integrated platforms.

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Banknbox, with a mission to deliver secure solutions adhering to the highest standards, aligns with the Central Bank of Egypt’s vision for promoting financial inclusion, banking technology, and digital payments. The collaboration seeks to offer a seamless digital banking experience to customers, emphasizing innovation, customer satisfaction, and the transformation of operational norms within banks and companies.

The investment will enable Banknbox to utilize the Egyptian market as a launchpad for operations, serving both local and regional markets while supporting the company’s global expansions.

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Basem Mahmoud, CEO of Banknbox, expressed pride in the achievements thus far and the cooperation with DisrupTech Fund. He highlighted the shared mission of providing integrated banking services and payment technology. Mahmoud emphasized the value of DisrupTech’s expertise in financial technology investments to help develop Banknbox’s platform and expand its reach in Egypt and the broader region.

Banknbox, having developed a suite of digital services internally, focuses on flexibility, compatibility, and cost-effectiveness. These services include phone banking applications, internet banking, electronic wallets, tokenization services, e-KYC services, artificial intelligence technology, Chatbot, Open Banking APIs, automated branch services, and communication services technology.

In addition to offering comprehensive services, Banknbox is currently in negotiations with banks and financial institutions within and outside Egypt to provide a range of services based on its robust infrastructure and established systems. These negotiations draw on the company’s experience with numerous institutions worldwide, spanning more than 15 countries. Banknbox’s services cover ATM machine management, transaction monitoring, POS and Soft-POS electronic payment machines, white-label electronic payment gateway, and anti-fraud systems with artificial intelligence, among others, catering to diverse sectors such as finance, healthcare, and transportation.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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