Flend, a digital lender for small and medium-sized enterprises (SMEs), has become the first Egyptian company to be officially granted "Startup Label" certification.
This surge in fintech licensing comes on the heels of the FRA’s decision last year to grant a one-year extension for non-banking finance companies to meet increased capital requirements.
Beyond financial efficiency, Leta’s asset-light approach sets it apart from earlier African logistics startups such as Sendy, Lori, and KOBO360, which took an asset-heavy model aggregating trucks and acting as intermediaries.
The increase in deposits from R6.3bn ($347.11m) in June 2024 reflects the continued growth of the digital lender, which reached a milestone of 10.7m customers by the end of December.
A brokerage licence grants firms the authority to buy and sell securities on behalf of clients, act as intermediaries in financial markets, and charge commissions and fees.
The Averroès Fund of Funds operates as an intermediary, strategically investing in various African-based funds rather than directly into individual companies.
This latest commitment from BII follows the fund’s initial close last year, which saw it raise $140 million from a diverse range of international and African investors.
Flend, a digital lender for small and medium-sized enterprises (SMEs), has become the first Egyptian company to be officially granted "Startup Label" certification.
