Egypt’s Fawry secures license to finance businesses. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

1. Egypt’s Fawry secures license to finance businesses

Egypt’s premier fintech leader, Fawry, has announced securing a license for SME financing through its subsidiary, Fawry Microfinance. 

The green light from Egypt’s Financial Regulatory Authority (FRA) marks a crucial stride in Fawry’s strategic expansion, reflecting its commitment to enhancing its digital finance offerings and diversifying revenue streams.

The company’s consistent pioneering efforts in the digital financial sector have resulted in yet another landmark achievement. 

This accomplishment solidifies Fawry’s position as a dominant force in Egypt’s digital finance landscape, aligning with its overarching goal of becoming a leading facilitator of digital finance in the country.

Eng. Ashraf Sabry, CEO of Fawry, emphasized the dedication behind this achievement, noting that regulatory approval underscores the team’s relentless efforts. 

He also highlighted how this milestone has been months in the making, and he anticipates that the forthcoming addition to their services will foster financial inclusivity by tapping into previously unexplored segments.

 

Tech Trivia: A name server translates what type of name into an IP address?

1.File name
2.Domain name
3.User name
4.Directory name

Answer: see end of post

2. Mthmr raises $1.6m in seed funding round

Saudi Arabia’s fintech startup Mthmr, specializing in personal expense management, has raised a seed funding round to the tune of US$1.6 million.

Investors, including Waed Ventures, Dahran Trading Group, and Le Augure, joined forces with a supportive group of angel investors to contribute to this funding round.

Founded in 2021 by the visionary duo Abdulrahman Qamsani and Abdulrahman Bin Nujifan, Mthmr embarked on a mission to reshape personal finance management. 

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The company unveiled a comprehensive and user-friendly platform meticulously crafted to empower individuals with precise tracking of personal expenses, effectively amplifying their savings strategies.

Mthmr’s offerings extend beyond financial tracking, extending to providing users with access to the latest deals and offers, strengthening their saving capabilities while fostering financial equilibrium.

Abdulrahman Qamsani, Mthmr’s co-founder and CEO, lauded the successful seed funding round as a resounding testament to investor confidence in the company’s innovative vision, technological prowess, and the expansive potential for growth. 

He highlighted the alignment of Mthmr with Saudi Arabia’s Vision 2030, underlining the startup’s commitment to promoting financial literacy and streamlining personal expense management processes.

Abdulrahman Bin Nujifan, the co-founder, solidified the strategic intent behind the raised funds, asserting that the investment will be channeled toward achieving Mthmr’s growth and innovation objectives. 

He articulated the startup’s ongoing efforts in crafting an impressive array of features, with an emphasis on automating the savings process.

As Mthmr garners significant support and resources, it’s poised to further its mission of enhancing financial literacy and reshaping personal finance management, aligning itself with Saudi Arabia’s ambitious Vision 2030 goals.

3. Buguard closes $500k seed round

Egyptian cybersecurity startup, Buguard, has closed a $500,000 Seed funding round, with A15, a prominent MENA venture capital firm, leading the investment. 

Several angel investors also participated, marking Buguard’s first external funding since its establishment in 2021.

The capital injection is poised to fuel Buguard’s ambitions of expanding into the GCC region and fortifying its offensive security services, designed to shield clients from cyber threats originating in the dark web. 

The funding will primarily support the growth of Buguard’s team and its market presence across the region.

Investors, including A15 and angel investors, were drawn to Buguard due to its robust growth trajectory within the cybersecurity sector. 

In light of the evolving cyber threats posing heightened risks to businesses worldwide, the need for proactive cybersecurity measures became evident to investors. 

Buguard’s specialized offensive security services, encompassing penetration testing, vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming, address this imperative effectively.

Buguard’s strategic emphasis on dark web monitoring and account takeover prevention through its innovative SaaS product, Dark Atlas, garnered significant investor attention. 

The dark web serves as a hub for cybercriminal activities, and Buguard’s comprehensive approach to monitor compromised devices, dark web marketplaces, hacking forums, underground channels, and private clouds distinguishes it from its competitors.

Investors also drew confidence from Buguard’s consultancy team, known for their expertise in uncovering critical security vulnerabilities within major tech giants. This track record showcases Buguard’s capability to effectively combat sophisticated cyber threats.

Trivia answer: Domain name

A name server is a computer that translates domain names into IP addresses. Name servers serve a fundamental role in the Domain Name System (DNS). 

They allow a user to visit a website by entering its domain name into their web browser’s address field instead of manually entering the web server’s IP address.

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