Egypt’s fintech Banknbox raises funding from Disruptech Fund

Disruptech, a prominent venture capital firm within Egypt's financial technology sector, has declared a strategic investment in Banknbox, a leading provider of banking solutions encompassing electronic payments, smart transportation tech, and digital government payment solutions.

This strategic alliance aims to introduce innovative services and integrated solutions for banks and financial technology companies across local and regional markets, leveraging its regional headquarters in Egypt.

The investment will facilitate Banknbox's expansion into new markets, augment its capabilities to meet evolving customer needs, and support Disruptech's investments in other companies.

Disruptech recognizes Banknbox's unique capabilities in delivering integrated services through its internally developed platform, enabling rapid expansion and continuous development to meet customer requirements.

The partnership will allow Disruptech to leverage Banknbox's 15 years of experience in financial technology solutions for current and future investments. This marks Disruptech's inaugural investment in a comprehensive platform for payment processing and digital banking technology.

Banknbox's mission aligns with the vision of the Central Bank of Egypt to support financial inclusion, banking technology, and digital payments. Mohamed Okasha, Managing Partner at Disruptech Egypt, expressed excitement about the collaboration, emphasizing Banknbox's commitment to innovation and customer satisfaction.

This investment reinforces Disruptech's commitment to investing in innovative technologies capable of supporting financial technology companies, benefitting both existing and new clients through secure and innovative services.

Banknbox CEO and Managing Director, Basem Mahmoud, expressed pride in collaborating with Disruptech, highlighting their achievements in Egypt and the enthusiasm for offering a comprehensive platform for banking services and payment technology.

He further noted that Disruptech's expertise in financial technology investments will be valuable for developing their platform and expanding their reach in both Egyptian and regional markets.

Banknbox offers a range of digital services developed in-house, ensuring flexibility aligned with customer requirements. These services cover integrated digital banking, electronic wallets, Tokenization, e-KYC, artificial intelligence, Chatbot, Open Banking APIs, automated branches, communication services, card issuance and processing, ATM management, POS and SoftPOS transaction acceptance, and a White Label payment gateway.

The company is currently in negotiations with various banks and financial institutions within and outside Egypt, leveraging its experience with a global clientele. Banknbox emphasizes security and quality standards in line with its extensive experience with banks, financial institutions, and government entities worldwide.