Orascom Financial Holding announced today the launch of a new fintech company focused on digital payments in partnership with Excel Systems, a homegrown company offering software development and integrated solutions.
OFH will own a 79.9% stake in the new company. The capital of the unnamed new fintech company is EGP 100 million and is expected to reach EGP 500 million, set to reach over one million customers in the medium term.
“With this strong partnership and ambitious vision of OFH, the new venture will introduce to the market cutting edge technology with a creative bundle of products and solutions that will facilitate cashless transactions for all payments and financial needs,” says Mohamed Aboulnaga, a celebrity entrepreneur whose footprints are marked on several startup journeys such as Halan and Robusta.
“This partnership aims to form a leading entity in the fintech field, to which Excel Systems will avail its broad expertise in technological solutions to ensure it can offer the best services and customer experience,” says Ahmed Sarhan, Chairman and CEO of Excel Systems.
Onsi Sawiris, chairman of OFH and co-founder and managing partner at a New-York based VC Fund (HOF Capital), confirmed that OFH’s team has a track record in managing and developing startups to become well-established companies in various global markets. OFH’s team, in their capacity as board members of Riverbank, also played a major role in developing and implementing the bank’s strategy in offering financing solutions to SMEs in Germany, the Netherlands, and France.
“The new company is OFH’s first investment in the fintech field,” says Nils Bachtler, CEO of OFH. ” We are confident that the new partnership will achieve great successes with the addition of a strong founding team that possess exceptional expertise and experience in the field.”
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