According to a report by the European Investment Bank, the number of fintech companies in Africa has nearly tripled since 2020. Many of these innovators focus on embedding payment services into broader solutions that tackle financial access, offering alternatives to legacy systems that often have a high cost to serve.

Fintech companies in Africa will now be able to easily access the full suite of Mastercard services. The collaboration aims to reduce complexity and speed up time to market for emerging players building digital financial solutions across the continent.

“At Mastercard, we are focused on powering the fintech ecosystem by enabling access to our trusted global network. Through our work with enza, fintech innovators in Africa will be able to deploy embedded payment capabilities more efficiently – helping accelerate financial inclusion and the region’s digital transformation,” said Mete Guney, executive vice president, Market Development, EEMEA, Mastercard.

As part of the agreement, enza will host consumer and merchant accounts, manage integration with Mastercard’s network, and ensure high levels of security and system availability. Fintech companies can configure pre-paid or post-paid accounts, and issue physical or virtual Mastercard cards. For businesses, enza will enable acceptance of Mastercard payments across in-store, online and in-app channels.

“enza is on a mission to make digital payments more accessible and affordable across Africa, helping to build a more financially inclusive continent that is ready and able to compete globally.

Our collaboration with Mastercard leverages our existing relationship to more effectively serve the fintech community. Together, we will provide innovators with a platform capability that means they do not need to build this aspect of their proposition and can get to market with greater speed and security,” said Andrew Key, Executive Director, enza.

Founded in 2023, enza is headquartered in Abu Dhabi, with regional offices in Egypt, South Africa and Nigeria. The company’s innovative payment infrastructure delivers the flexibility and agility needed to increase competitiveness, capitalize on new markets and develop new revenue streams through better serving consumer and business customers across Africa.

The post Mastercard and enza collaborate to enable fintech innovation across Africa appeared first on FINTECH MIDDLE EAST & AFRICA.

The round was led by AYADY for Investment and Development, with participation from prominent investors including Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro and a group of both local and international angel investors.

Founded in 2020, ElGameya aims to modernize and streamline the culturally rooted ROSCA (Rotating Savings and Credit Association) model, which is an integral part of the financial culture in Egypt and many other countries. Through its user-friendly mobile app, the company enables individuals to join diverse circles and choose their preferred amount, duration, and convenient payout turn, while ensuring security and transparency in all transactions.

It also offers flexible solutions for obtaining financing and targets meeting the financial needs of various segments of society by providing associations designed to suit the needs of diverse segments of the community, whether for short-term or long-term goals such as education, marriage, or launching a small business with affordable monthly installment plans.

Ahmed Abdeen, Founder & CEO of ElGameya, commented: “We are thrilled to close this successful funding round, which serves as a strong vote of confidence in our vision and business model. Having high-caliber investor like AYADY onboard empowers us to accelerate our expansion and deliver accessible, innovative financial tools to more people across Egypt and beyond. We believe fintech has the power to transform lives, and ElGameya is determined to be at the forefront of that transformation.”

“Over the past year, the company has achieved sustained 50% month-on-month growth, with roughly one million registered users. We have also formed strategic partnerships with more than 150 companies and schools, all of which benefit from our services,” added Abdeen.

Osama Saleh, Chairman of AYADY For Investment & Development, stated:“Our investment in ElGameya aligns with our commitment to supporting startups that leverage technology to meet real societal needs. We see ElGameya as a standout model capable of empowering large segments of the Egyptian population with reliable, flexible savings and credit solutions. This resonates with our broader mission to promote financial inclusion and sustainable economic growth.”

Amr Aboulazm, Founding Chairman of ElGameya, added: “We are proud to have earned the trust of such an esteemed group of investors. This funding round marks a pivotal step in our journey to establish ElGameya as a market leader in digital savings solutions in Egypt & the region. We believe digital ROSCAs have a vital role to play in enhancing financial literacy and expanding access to safe, adaptable savings and credit tools, especially for those who remain excluded from traditional financial systems.”

Hazem Kamel, Managing Director- Private Equity at NI Capital (the investment manager of AYADy), commented: “Our investment in ElGameya reflects our strategic focus on backing high-potential fintech startups that can deliver innovative solutions and real economic impact. The ElGameya team has demonstrated deep market insight and the ability to execute. We look forward to seeing them achieve even greater milestones in the future.”

This investment underscores a fintech opportunity on the rise at a time when the fintech sector across the Middle East and North Africa is witnessing unprecedented growth and increasing investor interest. ElGameya stands out as a strong example of an Egyptian startup leveraging this momentum to drive meaningful innovation and scale impact.

The post ElGameya Fintech closes 7-figure USD investment round appeared first on FINTECH MIDDLE EAST & AFRICA.

Apex Group has appointed Tom Bennett as Global Head of Fintech. In this newly created role, Tom (pictured) will lead Apex Group’s global fintech strategy, enhancing its digital capabilities across private markets, capital markets, and digital assets.

Tom Bennett’s background boasts experience at leading companies such as JLL and BT, and he most recently served as Group Head of Innovation at Aztec Group, prior to joining Apex Group. He has 15 plus years of experience working with tech companies and communities, with a proven track record of building and scaling innovative new ventures and digital products.

Commenting on his appointment, Tom Bennett, Global Head of Fintech at Apex Group, said: “I’m thrilled to join Apex Group at a pivotal time for fintech innovation. Our goal is to build a future-ready platform for TradFi and DeFi with digital infrastructure, from tokenization to AI-driven tools. We’re focused on delivering scalable, client-centric solutions that drive real-world impact, while extending our partnerships and accelerating Apex’s digital growth. Our recent acquisition of Flow is a perfect example of this.”

Zion Hilelly, Chief Product Officer, at Apex Group said: “We are delighted to welcome Tom to the Apex team. He brings with him a wealth of experience and a fresh perspective that will prove invaluable in driving our strategic direction as both user and provider of tech solutions. This appointment marks the creation of a new role within Apex, highlighting our continued commitment to growth and success within the fintech sector. We look forward to the contributions Tom will spearhead as we continue from strength to strength.”

The post Apex Group appoints new Global Head of Fintech appeared first on FINTECH MIDDLE EAST & AFRICA.

“Chime is a technology company, not a bank,” the company said in its prospectus noting it is not a member of the U.S. Federal Deposit Insurance Corporation. Still, the company cited Bank of America, Capital One, Citibank, JPMorgan Chase, PNC Bank and Wells Fargo as competitors.

Most of Chime’s new members who arrange for direct deposit previously did direct deposit elsewhere, “most commonly with large incumbent banks,” the company said.

According to the filing, Chime picks up revenue from interchange fees associated with purchases that members make with Chime debit cards and credit cards. Banks collect interchange fees, which are generally a percentage of the transaction value, plus a set amount for each transaction depending on the rates determined by card networks such as Visa. The banks then pass money on to Chime.

In the March quarter, Chime generated $12.9 million in net income on $518.7 million in revenue. Revenue grew 32%, while profit narrowed from $15.9 million.

At the end of March, Chime had 8.6 million active members, up about 23% year over year. Average revenue per active member, at $251, was up from $231. It has members in all 50 states — it doesn’t operate outside the U.S. — and 55% of them are female. The average member age is 36, according to Chime.

Around two-thirds of members look to Chime for their “primary financial relationship,” Chime said. The term refers to those who made at least 15 purchases using its card or received a qualifying direct deposit of at least $200 in the past calendar month. Members can use more than 45,000 ATMs without paying fees, which Chime says is a larger network than the top U.S. banks combined.

Chime offers a slew of other services in addition to its cards, including high-yield savings accounts, free tax filing and the ability to access as much as $500 of earned pay before payday free of charge in 24 hours or instantly for $2.

Eligible members with direct deposit can borrow up to $500 with a fixed interest rate of $5 for every $100 borrowed. The company does not charge late fees or compound interest. Chime’s SpotMe lets eligible members overdraft up to $200 without fees, and SpotMe Boosts allow eligible members to temporarily push up overdraft limits of other members by up to $20 each month, free of charge. “Since we launched SpotMe in 2019, overdraft fee revenue industry-wide has decreased,” Chime said.

The post Fintech company Chime files for Nasdaq IPO appeared first on FINTECH MIDDLE EAST & AFRICA.