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Neqabty, the Egyptian fintech startup in the digitization of professional unions and bodies in Egypt and the Middle East, announced the successful closure of a $ 550 k funding round led by Sanabel Investment Company, which is wholly owned by the Saudi Public Investment Fund, and the participation of angel investors.

Neqabty Fintech graduated from the LaunchSaas incubator, sponsored by Suez Canal Bank within the Nile Pioneers Initiative of the Central Bank of Egypt and implemented by the Nile Civil University in cooperation with a number of entities and banks.

 “The fund will be used to finance the company's expansion in the local market and the region. we aim to increase the number of unions that automate their services in Egypt to about 45% of the trade union market in Egypt by the end of 2023,” Mohammed Jamal, CEO of Neqabty.

Neqabty currently offers its solutions in the field of comprehensive mechanization of the services of labour unions in Egypt to teachers, farmers, tour guides, physical therapist, veterinarians trade unions, the workers' union of the Council of Ministers, as well as the Egyptian Union of Engineers, which is the first professional unions listed on Neqabty platform.

Jamal added that Neqabty has an integrated technical model built on the latest technologies and AI solutions and has considerable experience in following sound operating frameworks for automation. It offers its clients the easiest access to telecommunications services such as healthcare services, pension benefits, booking trips, housing and employment projects using artificial intelligence technology, in addition to specialized training courses to members of different professional unions.

Neqabty platform provides an integrated model of medical services, instantaneous approvals, and an integrated system of symbiotic medical insurance applied in the Egyptian Union of Engineers. The company entered into an operational contract with a marketing partnership of the Smart Medical System of the Engineers Union in order to contribute to the provision of a package of health services to all trade unionists in Egypt for the development and investment benefit of Egypt engineers.

The CEO noted that his company has launched "work well" program, which provides an integrated package of social services for self-employed people who are eligible to join unions, in line with Goal 8 of the Sustainable Development and Financial Inclusion Goals, thereby contributing to Egypt's vision 2030 for sustainable development.

The idea of launching Neqabty started in 2016 by Mohammed Gamal, who chairs the Board of Directors of the Company and then joined the Nile Pioneers Initiative of the Central Bank of Egypt through the SAAS Launch Technology Applications Business Incubator sponsored by the Suez Canal Bank. It provides technical, administrative and material support in the field of software development and technological solutions to help SMEs in digital transformation and exporting abroad as part of the Bank's community responsibility efforts.

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