The Central Bank of Egypt’s FinTech Landscape Report 2021 said there was a significant boom in the volume of investments in startups working in the financial technology sector and the feeding sectors.
Investments in the FinTech sector in 2021 grew by 300%, according to the report.
The number of operating companies in this sector upped from just two in 2014 to 112 in 2021, the report said.
Over the past five years, investments pumped into the fintech sector, including fintech-enabled start-ups, reached 250 million dollars. Investments in this sector reached nearly 159 million dollars in 2021, compared to just 900,000 dollars in 2017, according to the report.
As for deals concluded in this sector, they were up tenfold from 2017 to 2021, from only three concluded in 2017 to 32 in 2021, the report said.
About 43% of startups and the feeding sectors are currently seeking to obtain seed funding during the coming period, it added.
Source: State Information Service Egypt