Egypt’s startup ecosystem showcased resilience and innovation in 2024 despite a drop in total funding rounds to $400 million from $608 million in 2023. Leading startups like MNT-Halan, Valu, and Paymob secured game-changing investments, driving advancements in fintech, healthtech, and logistics. MNT-Halan's $157.5 million funding round highlighted its ambitious global expansion, while newcomers like Connect Money and Sylndr demonstrated the ecosystem’s ability to foster disruptive solutions across industries. These milestones underscore the unwavering confidence investors have in Egyptian startups, cementing the nation’s reputation as a regional hub for innovation and a promising player on the global stage.

MNT-Halan

MNT-Halan, an Egyptian fintech company founded in 2018, is revolutionizing financial inclusion by offering digital banking services tailored to the unbanked and underbanked populations. Its comprehensive digital ecosystem spans small and micro-business lending, consumer finance, e-wallets, payments, and e-commerce, making it Egypt's largest lender in this sector. Headquartered in Egypt, MNT-Halan has served over 8 million clients, disbursed more than $11 billion in loans, and, in 2024, secured $157.5 million in funding—$40 million of which came from the International Finance Corporation (IFC)—to accelerate its global expansion plans.

ValU

Valu, a leading fintech platform in MENA, has completed its eighth securitized bond issuance worth EGP 888 million, as part of its EGP 9 billion securitization program. The bond consists of two tranches: Tranche A (EGP 639.4 million) with a six-month tenor and Prime 1 (sf) rating, and Tranche B (EGP 248.6 million) with a twelve-month tenor and Prime 2 (sf) rating. Shokry Bidair, Valu's CFO, highlighted that this issuance strengthens the company's financial position and supports its continued growth. Valu, known for its BNPL platform 'U' and a variety of investment and financing solutions, including its co-branded Visa cards, continues to innovate in Egypt's financial services. EFG Hermes served as the exclusive advisor, while Arab African International Bank, ABC, and Al Ahli Bank of Kuwait were among the issuance’s subscribers.

Paymob

Paymob, an Egyptian financial technology platform founded in 2015, provides digital payment solutions across the Middle East and Africa, offering over 50 payment methods to over 350,000 merchants. Initially created to address the gap in digital payments for e-commerce, Paymob has grown from a small college startup into a key player in the fintech sector, offering services such as wallets, cards, BNPL, and QR payments. In 2024, the company secured $22 million in a Series B extension round, bringing its total Series B funding to $72 million, which will fuel its expansion and product development, contributing to its profitability in Egypt.

OneOrder

OneOrder, an Egyptian logistics startup founded in 2022 by Tamer Amer and Karim Maurice, focuses on revolutionizing the food supply chain for the hotel, restaurant, and catering (HoReCa) sectors. The tech-enabled platform connects businesses directly with local suppliers, offering over 700 SKUs, embedded financing, and analytics to optimize procurement, streamline payments, and lower operational costs. In 2024, OneOrder raised $16 million in a Series A round, combining equity and debt, to expand into the GCC, with plans to enter the UAE by autumn 2024. This follows a $3 million Seed round in 2022 and will support its expansion and product development.

Dopay

Dopay, an Egyptian fintech founded in 2014 by Frans van Eersel and Ahmed Nassef, offers a virtual banking platform that digitizes cash payments for employers and workers, primarily serving unbanked and underbanked populations in emerging markets. In 2024, Dopay raised $13.5 million in a Series A extension round, complementing its previous $18 million Series A funding raised in 2021. This latest round, led by Argentem Creek Partners with support from existing investors, will help Dopay expand its platform in Egypt, introduce new financial services, and extend its multi-bank, multi-country platform to other regions, marking a significant step in its mission to provide financial inclusion and transform cash-based economies.

Yodawy

Yodawy, an Egyptian healthtech startup founded in 2018 by Karim Khashaba, Yasser Abdel Gawad, and Sherief El-Feky, operates a digital platform that streamlines access to medications. The platform allows patients to easily process prescriptions and place orders for medications, while also connecting them with medical labs and insurance companies. Yodawy partners with over 3,000 pharmacies and serves about 35 health insurance and healthcare service providers, with contracts covering more than 800 companies, 20 hospitals, and 30 clinics in Egypt. In 2024, Yodawy secured a $10 million investment from Ezdehar, marking a significant step in its growth strategy, which includes expanding its customer base and technology-driven prescription fulfillment capabilities.

Cartona

Cartona, an Egypt-based B2B e-commerce platform founded in 2019 by Mahmoud Abdelfattah, Mahmoud Talaat, and Rafik Zaher, connects retailers, FMCG producers, wholesalers, and distributors to digitize Egypt's traditional trade market. In 2024, Cartona raised an $8.1 million Series A extension, comprising $5.6 million in equity led by Algebra Ventures and $2.5 million in debt from Camel Ventures and GlobalCorp. The funds will accelerate growth, drive regional expansion across MENA, and explore B2B2C opportunities, solidifying Cartona’s position as a key player in the region's retail ecosystem.

Connect Money

Connect Money, an Egyptian fintech startup, was founded in 2024 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa. The company specializes in a white-label card issuing platform that allows businesses to issue debit and credit cards without the need for fintech infrastructure or regulatory licensing. In 2024, Connect Money raised $8 million in a seed funding round led by Disruptech Ventures and Algebra Ventures. The funding will support the launch of five new business verticals and expansion into North African markets, positioning Connect Money as a leader in embedded finance solutions.

Sylndr

Sylndr, an Egyptian online marketplace for used cars, was founded in 2021 by Amr Mazen and Omar El Defrawy. The platform simplifies buying, selling, and financing vehicles, emphasizing transparency and quality through rigorous inspections and warranties. In 2024, the company secured a $7.46 million capital facility, Egypt's first asset-backed working capital solution tailored to Sylndr’s unique business model. This funding will enhance Sylndr's customer experience, expand inventory diversity, and broaden financing options, strengthening its position in the Egyptian automotive market.

The significant funding rounds in Egypt in 2024 underline the resilience and innovation within the nation’s startup ecosystem. Companies like Yodawy, Connect Money, and Sylndr exemplify how Egyptian startups are leveraging technology to revolutionize industries and create scalable solutions. These milestones are a testament to the confidence investors have in Egypt’s entrepreneurial talent and its potential to deliver high-impact solutions on a regional and global scale. As these startups continue to expand their footprints, their success sets a promising precedent for the next generation of Egyptian entrepreneurs aiming to reshape the future.