Egypt’s “FriendyM”’, the car management and maintenance startup has raised $2 million in seed investment to expand locally in Egypt and bolster its operations in the Kingdom of Saudi Arabia and the United Arab Emirates.

The startup provides its services to customers in the Cairo and Alexandria and aims to reach 100,000 cars on the application in the first year and expand into all governorates of the Arab Republic of Egypt.

According to Abdelrahman Elgamal, founder and CEO of “FriendyM” application: “We are happy to launch “FriendyM” in Egypt, which required our hard efforts and dedication to work through a professional and enthusiastic team to provide innovation and technology to our customers. We also seek to exploit the digital transformation revolution brought about by the Egyptian state to enhance our presence in Egypt, meet the needs of our customers, and provide a unique experience.”

“FriendyM” sends notifications to remind you of the car’s regular maintenance appointments, the necessary maintenance operations, and also helps in calculating the average cost of the operation. In addition to that, the application manages car expenses such as fuel bills, parking spaces, and cleaning.

The application allows all invoices to be attached to the user’s account and also provides an expense analysis service to indicate the most expensive items, which helps in managing expenses and rationalizing expenses.

One of the most important features of the application is the provision of technical support service through the “Chat Support” feature to communicate with mechanical engineers and specialists to respond to inquiries, and the availability of booking maintenance appointments through the specialized maintenance centers located on the application at competitive prices. It also provides emergency SOS services and creates a complete record of cars if they are sold.

The “FriendyM” application is also working to launch the Lite and elite concierge services soon with monthly fees to provide distinctive services. Subscription to the Elite concierge service allows the service of requesting relief vehicles in emergency situations and car replacement services in the event that its maintenance takes several days.

As for the Lite concierge service, it provides the service of having a dedicated mechanical engineer following up on your car quarterly. Besides, Elite concierge service provides customers who subscribe to the two packages with exclusive discounts of up to 25% on maintenance costs and annual insurance subscriptions.

Elgamal added, “We aim to reach all segments of society, especially women, because they are naturally less experienced in knowing what concerns the technical aspect of the car. Besides, we will work to help them, through our innovative digital solutions, perform periodic and emergency maintenance, and we will provide them with the necessary advice to reach the highest performance of the car.”

Visa, a world leader in digital payments and TECH5, an innovator in the field of biometrics and digital identity management, have signed a strategic collaboration agreement focusing on the development and enhancement of digital government ecosystems on a global scale. 

The two organizations will design a roadmap that encompasses a series of initiatives and projects aimed at establishing a robust foundation for advancing digital payments, digital identity management, and other ecosystem-driven services. 

The partnership agreement includes: 

• Designing and implementing improved digital government ecosystems in selected countries.
• Developing and supporting the Go-to-Market roadmap for a SuperApp and enabling Visa card credentials for citizens and non-residents through multiple digital channels.
• Developing a roadmap to expand card acceptance for government disbursements and payment programs across all platforms.
• Initiating programs for financial literacy and digital inclusion.
• Cooperating in the preparation of regulatory acts for digital payments development.

“We are thrilled to embark on this strategic collaboration with TECH5. Our joint efforts will concentrate on enhancing digital government ecosystems worldwide, with a special focus on advancing digital payments and digital identity management services. We are committed to digital and financial inclusion, and we believe that this partnership will allow to implement digital ID-based payment infrastructure and services on a national level, thereby unlocking significant market potential”, said Shahebaz Khan, Senior Vice President, Head of Commercial and Money Movement Solutions, Visa CEMEA.

The technology components and identity wallet infrastructure that TECH5 offers globally include biometric SDKs and software platforms for contactless biometric capture and matching, digital ID issuance and management. They can be readily deployed for integration with Visa payment services and other value-added components that underpin the implementation of digital public infrastructure and e-commerce marketplaces.

“We are looking forward to this strategic collaboration with Visa, learning from their invaluable expertise and market knowledge, and jointly developing the next-generation digital identity solutions powered by SSI-based Digital Identity Wallets, with a specific focus on government payment digitization. The TECH5 team is delighted to bring to this partnership deep understanding and implementation expertise of Foundational ID projects at a national level, as well as technology components and infrastructure that support biometric matching, digital ID and identity wallet solutions for frictionless and secure payments, “comments Machiel van der Harst, TECH5’s Co-founder and CEO. 

The development of combined Visa and TECH5 offerings unlocks great market potential, allowing for implementation of digital ID-based payment infrastructure and services on a national level as well as in economic zones where services can be implemented cross-border. 

Octavia Carbon, based in Kenya, has secured investment from Renew Capital to advance its Direct Air Capture (DAC) technology, focusing on CO2 extraction from the atmosphere. The company aims to combat climate change by designing, building and deploying machines that directly capture atmospheric CO2 using DAC technology. 

“Carbon capture technologies have a crucial role to play in addressing climate change,” stated Martin Freimüller, founder and CEO of Octavia Carbon. “Our DAC technology will help reduce carbon emissions in the global pursuit for a net-zero future.”

Octavia Carbon provides carbon credits for purchase, enabling companies and individuals to offset their carbon footprint affordably while forging a path to offering climate justice to communities in Kenya. The company is leveraging Kenya’s natural geothermal, geology and talent for cost-effective operations.

“Octavia Carbon’s innovative technology and recognition of the growing demand for durable and verifiable carbon credits in the carbon market continues to position Africa as an active contributor to global climate solutions,” said Esther Mwikali, Investment Manager at Renew Capital. “We’re excited to support Octavia in their  efforts.”
The investment received by Octavia Carbon emphasizes the importance of innovative climate solutions and Africa’s role in contributing to a more sustainable future.

Scale, which modernizes procurement, empowering African businesses with efficiency and transparency in Africa has raised undisclosed funding to disrupt procurement in Africa which has traditionally been hindered by inefficiency,
high costs and opaque operations.

Based in Nairobi, Kenya, Scale, is streamlining procurement, automating workflows and cutting operational expenses. For suppliers, Scale opens a growth-oriented marketplace, offering tools that demystify bid management. For buyers, the platform delivers a suite of features that enhance internal procedure management and unlock new efficiencies.

“Scale is reshaping procurement in Africa,” said Marvin Tumbo, Co-founder & CEO of Scale, emphasizing the platform’s breadth. “We’re moving beyond simply streamlining tasks to granting buyers and suppliers clear, controlled and strategic procurement processes.”

Scale seeks to utilize Renew Capital’s support to expand its platform’s capabilities, further enabling efficient and transparent procurement processes across Africa.

“We’re thrilled to back Scale’s pursuit of procurement excellence,” says Esther Mwikali, Investment & Project
Manager at Renew Capital. “Their platform addresses critical needs for buyers and businesses, charting a
new course for African commerce.”

Kuwaiti’s Baims, which specializes in providing online tailored recorded courses for university students in Saudi Arabia, Kuwait, Bahrain, and Jordan has acquired 100% of Orcas to consolidate its hold on the edtech market in the MENA region.

With the acquisition, Baims will provide comprehensive education solutions that encompass both synchronous and asynchronous formats (live and recorded). The deal also gives Baims a dominant player position in the market with a distinctive offering, addressing the profound challenges that students encounter in the region.

“By acquiring Orcas Tutoring, we are not just expanding our reach; we are redefining the EdTech landscape in MENA,” says Yousef AlHusaini, CEO of Baims. “This consolidation enables us to offer a comprehensive learning experience, combining our online tailored recorded courses with Orcas Tutoring’s personalized one-to-one tutoring platform.”

Baims was founded by Yousef AlHusaini and Bader AlRasheed while Orcas was founded by Hossam Taher and Amira El Gharib. Orcas and Baims have raised over $11 million, backed by prominent investors including Access Bridge Ventures, Algebra Ventures, NFX Ventures, AlWazzan Educational Group, Rasameel Investment Company, Seedstars International Ventures, and AK Holding, establishing the new consolidated company as the number one EdTech player to watch in the MENA region.

The 100% acquisition deal of Orcas signifies a strategic move to further enhance their offerings by incorporating Orcas’ personalized tutoring services into their platform, creating a well-rounded and adaptable educational experience for students across the MENA region.

“Our aim is to establish product and market synergies by introducing personalized K12 tutoring services in the GCC and subsequently expanding our portfolio to cater to the diverse needs of university students.” – Hossam Taher, CEO of Orcas Tutoring.

With the deal, Baims will expand in the GCC region with the Saudi Arabian market as a priority. The newly consolidated company aims to realize its product, market expansion, and regional dominance objectives through the efficient integration of both teams. Joining the Baims team alongside Hossam Taher as Chief Strategy Officer and Amira El Gharib as Chief Operations Officer are Shams Adly, Orcas’s Chief Marketing Officer, and Mohammed Khalaf, Orcas’s Chief Technology Officer. Their inclusion in Baims’ leadership is set to drive further advancements in the venture.

“Today marks a monumental day for Edtech in the Middle East and the globe. The acquisition of Orcas by Baims proves once again that Edtech is fast growing in the region and further positions Baims as one of the premier companies in the entire ME region. With this strategic expansion, adding Orcas’ outstanding one to one tutoring, Baims will offer more comprehensive educational tools for hundreds of thousands of students across Kuwait, Saudi, Jordan and now expanding to the large Egyptian market.” added Abdullateef AlThuwaini from AK Holding, a prominent investor in the EdTech sector.  

Hossam Taher and Amira El Gharib founded Orcas in 2019, addressing the private tutoring problem in Egypt by offering a personalized learning experience to K12 students in International Schools, this acquisition is a welcome move for the Egyptian startup ecosystem.

 Opareta,a Ugandan startup is filling technological gaps for mobile money operators with a comprehensive digital operating system that allows efficient oversight of agent networks including tools for cash reconciliation, float approvals and disbursements and effective loan management.

Operator also provides performance analytics, field team management, KYC capture, and CRM services for enhanced efficiency and customer engagement.

“The reliance on outdated tools such as physical ledgers and USSD codes for transactions has long been a bottleneck in the sector,” states Mike Schwartz, co-founder of Opareta. “We address this challenge head-on with our digital operating system, designed to improve liquidity management, performance analytics and digital identity creation for agents. This shift promises not only improved operational efficiency but also a leap toward financial inclusivity.”

By creating robust digital infrastructure and tools, Opareta aims to significantly enhance the operational efficiency of mobile money operators and other digital financial services providers in Africa where mobile money transactions play a crucial role in Africa’s financial landscape. According to GSMA, in 2022 four million active agents supported over $831B in mobile money transaction value across sub-Saharan Africa. Ugandan startup

“Opareta’s approach aligns with the needs of an evolving financial landscape where mobile money operators seek to drive efficiency and agents seek more than just transactional tools,” states Diana Njuguna, senior investment manager at Renew Capital. “They need systems that offer transparency, autonomy, provide insightful data and seek to support the evolution of mobile money agents into multifaceted service platform operators. This investment aims to alter the landscape of financial transactions and services across the region.  

Tabby, MENA’s shopping and financial services app, has secured up to $700 million from J.P. Morgan, the largest asset-backed facility obtained by a fintech company in the MENA region.

Aside from its debt facility, Tabby has extended its Series D financing to close $250 million with participation from Hassana Investment Company. The Series D was also joined by US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC).

Hosam Arab, CEO and Co-Founder of Tabby, said: “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets. We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA.”

The financing bolsters Tabby’s balance sheet amidst increasing demand for its core buy now, pay later platform and enables more capital to continue expanding Tabby’s financial services and shopping products for its 10 million consumers and 30,000 retailers.

In November, the firm raised $200 million in equity financing led by Wellington Management, a global independent investment management firm. The equity investment attracted additional participation from growth equity investor Bluepool Capital, in addition to existing investors STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures. Tabby’s Series D round values the company at over $1.5 billion making it the region’s first fintech unicorn ahead of its planned IPO in Saudi Arabia

George Deves, Co-Head of Northern European ABS at J.P. Morgan, said: “We are pleased to be collaborating with Tabby on this new transaction. A vibrant and growing consumer lending sector is vital for the local economy and we are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East.”

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, said: “The recent Series D funding round, coupled with the $700 million asset-backed securitization, will support Tabby in amplifying its reach and impact. As a committed and long-term investor, we believe in Tabby’s vision to empower consumers and merchants alike and reshape the future of financial services in Saudi Arabia and the wider MENA region. Tabby is poised for accelerated growth, further market penetration, and continued innovation. The company remains focused on delivering exceptional value to both consumers and merchants while maintaining its commitment to transparency, affordability, and responsible lending practices.”

Chefaa, a patient-centric pharmacy benefits platform, has secured $5.25 million in a strategic leap from new and existing investors. It was co-led by Newtown Partners (South Africa) and Global Brain (Japan), with GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), as well as M3, Inc. (Japan).

The investment comes after Chefaa’s successful launch of operations in KSA where Chefaa is now operating in 8 Saudi cities. Moreover, this strategic funding will support Chefaa’s efforts to scale all models designed to digitize the supply chain, and empower industry stakeholders, which inevitably reflects on users’ experience and boosts compliance to treatment. The main mission for  Chefaa remains leading the safe digital transformation of healthcare through a patient-centric, comprehensive approach.

“Our follow-on investment in Chefaa via DP World’s Innovation Venture Fund reflects our continued conviction that we have a capable set of entrepreneurs in Doaa and Rasha making excellent progress in the massive opportunity to improve healthcare access in GCC and SSA by digitizing healthcare user interfaces,” said Llew Claasen, Managing Partner, Newtown Partners.

“As we have seen a solid growth in this tough business climate since 2022, we truly believe that Chefaa is becoming the uppermost patient-centric service provider in the region. We are delighted to make a decision to have an additional investment and prepared to continuously back the team to further enhance the accessibility of medical services,” said Hiroto SORITA Director, Investment Group, Global Brain Corporation.

“Chefaa has made significant strides in improving healthcare accessibility in Egypt, and we are particularly excited about their entry into the Saudi market. Since our initial investment, Chefaa has consistently demonstrated a commitment to innovation and skillfully leveraged data to forge impactful partnerships with large pharmaceutical players. This follow-on investment underscores our confidence in Chefaa’s innovative strategies to reshape the future of healthcare delivery in the region,” said Yezan Haddadin, CEO of GMS Capital Partners LLC.

“Chefaa is uniquely positioned to transform the retail pharmaceutical supply chain in Africa. We firmly believe that with their wide-ranging product offerings serving multiple stakeholders, Chefaa will become a critical business infrastructure for pharmaceutical supply chains in Egypt and the broader Gulf region,” said Ryosuke (Rio) Yamawaki, Partner at Verod-Kepple Africa Ventures, and he emphasized the firm’s focus on investing in category-defining African start-ups.

“Chefaa continues to prioritize market needs in the face of the continuous challenges. This has resulted in designing new services and features with our eyes on our mission and vision. We focus on measuring Chefaa’s impact as we grow. We are thrilled that our investors share our passion and believe in our vision and mission” Doaa Aref, CEO of Chefaa

Nigerian fintech Cleva, which helps individuals and businesses to receive international payments by opening USD accounts has raised $1.5 million in pre-seed funding for its banking platform.

The round was led by 1984 Ventures, with participation from The Raba Partnership, Byld Ventures, FirstCheck Africa, and other angel investors with participation from Y Combinator. Cleva will join the accelerator’s winter 2024 batch.

Founded by Tolu Alabi and Philip Abel, Cleva brings USD banking for Africans to get paid in USD, spend, and save in USD, no matter where they’re based. Both founders have local market knowledge and experience building banking products at Stripe and robust platforms at AWS.

The platform launched in August to take on platforms such as Geegpay and Payday. Cleva aims to empower Africans financially by providing a free US-based dollar account for cross-border transactions after seeing the persistent challenges faced in the international payments payments space.

Cleva has started operating in Nigeria but has plans to expand across the continent allowing users to open USD accounts. Cleva will also target Africans in the diaspora and enter the remittance category in the near future. The fintech reports that it has facilitated the opening of US-based accounts for thousands of Nigerians, processing over $1 million in monthly payments and experiencing month-on-month revenue growth of 100%.

Cleva differentiates itself from the competition through its focus on customer experience and business model. The fintech aims to provide a great experience for its customers and charges a capped fee of 0.9% on deposits into customers’ USD accounts. The platform also plans to diversify its revenue streams with upcoming products such as USD cards and savings in U.S. assets.

The total addressable market for fintechs focusing on freelancers and Africans in the diaspora is expected to grow. Cleva aims to evolve from a product-only service to a platform issuing APIs to distribute services across other African countries and around the world.