A $1.5 million donation from an unnamed investor has been received by Masroofi, an Egyptian fintech startup that helps in securing online payment services for children from ages 5 to 15. The funds are to assist the fintech in spreading its service-providing ability.
The startup’s unique services in taking advantage of significant market share and helping marginalized children made investors to make donations.
Mostafa Abdel-Khabeer, and Sayed Hosni are the founders of this startup. The experience of both founders stems from Mr. Abdel-Khabeers’s 16 years in the business industry and Mr. Hosni’s 20 years in the tech industry, thus making both of them pundits in their respective fields coupled. Khabeer and Hosni have established a positive partnership ever since creating Masroofi which summed up the investor’s decision-making.
What further helped the founders in attracting investors was their rejection of 16 million pounds of funds offered to them on the popular entrepreneurial reality show, Shark Tank. The rejection sort of brought Masroofi into the limelight thereby inviting international investors.
The Egyptian startup plans to establish a connection of 2 million kids within five years. Cairo, Giza, and Alexandra are the major areas of concern.
The fintech has many children-focused financial products, among these products is a bank card. Upon creating an account for their children, parents get 3 cards that function with near-field communication technology to operate. NFC-type cards communicate with a card reader through a single tap.
A partnership with Arab Bank and an agreement with an online payment service provider, VISA was needed for Masroofi to be able to furnish the cards. Their mobile app functions like a mobile wallet and provides tips on money management and financial education.