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Fintech, health and fitness tech, and AI capture this week’s undertaking target

CAIRO: Venture exercise is on the increase in the Center East and North Africa, specially in sectors like fintech and health tech, as very well as authorities-pushed initiatives to speed up artificial intelligence.  

UAE-centered fintech agency myZoi not long ago raised $14 million in a funding spherical led by SC Ventures and SBI Holdings. 

The investment decision coincides with myZoi acquiring two regulatory licenses from the Central Bank of the UAE – the Saved Value Facilities and the Retail Payment Providers and Card Techniques Class II.

In accordance to a press release, the awarding of the licenses signifies myZoi is poised to “significantly simplify and digitize entry to crucial monetary expert services for about 5 million minimal-profits migrant employees in the UAE.” 

Syed Ali, co-founder and CEO of myZoi, emphasised the company’s alignment with the UN’s Sustainable Development Aims for 2030. Particularly, myZoi aims to minimize the transaction cost of migrant remittances to significantly less than 3 percent.  

“As a tech-led, electronic-indigenous corporation, our push is to make a meaningful variance not just in the lives of the underbanked, but their lifeline, which is their assist community of households as well,” Ali stated. 

Gautam Jain, a member of SC Ventures, highlighted that there are around 1.4 billion unbanked men and women globally.  

He pointed out: “We imagine that fintech improvements this kind of as myZoi are rising as the catalyst for alter. They are making an ecosystem that delivers easy still significant methods to low-cash flow migrant employees even though presenting a commercially viable and socially impactful proposition.” 

The money lifted will be employed to increase myZoi’s inclusive and differentiated providers, and the organization is gearing up for its full commercial launch by the end of 2023.  

“We wholeheartedly believe in myZoi’s vision to enable money inclusion and secure an equitable long run for just about every particular person, irrespective of their background or social position. Hence, we are satisfied to devote in this impactful fintech. Our partnership with myZoi goes outside of mere monetary investment and extends to support a far more empowered long run for all,” explained Yoshitaka Kitao, CEO at SBI Holdings. 

Egypt’s healthtech Sehatech raises $850k 

Egypt-based health coverage tech startup Sehatech has secured $850,000 in funding from A15, a primary venture funds company, and Beltone Undertaking Funds, a subsidiary of Beltone Holding Co.  

Established in 2022 by Mostafa Tarek, Mohamed El-Shabrawy, and Omar Shawky, Sehatech specializes in automating key features of the healthcare coverage sector, such as healthcare approvals, statements processing, and billing cycles. 

The investment is witnessed as a critical phase for Sehatech to modernize the health care insurance policies landscape in Egypt by leveraging technological know-how to streamline administrative techniques. 

The enterprise aims to not only cut insurers’ working charges but also reduce the likelihood of fraudulent procedures. 

Our travel is to make a significant variance not just in the lives of the underbanked, but their lifeline, which is their assistance community of families as nicely.

Syed Ali, Co-founder and CEO of myZoi

The newly acquired funds will be made use of for increasing the Sehatech staff and investing in even further products development to greatly enhance the consumer working experience.  

“We are thrilled to have the support of A15 and Beltone Undertaking Capital in our mission to change the healthcare business in Egypt and the broader location,” El-Shabrawy stated. 

According to a press launch, Sehatech’s technology-pushed remedies depict a well timed innovation in Egypt’s insurance policies market, with the opportunity for broader apps in the Center East and North Africa region. 

Dubai Centre for AI gets more than 600 applications for its startup accelerator program 

The Dubai Centre for Synthetic Intelligence been given 615 applicant startups from 55 nations around the world for its AI accelerator system that was released previously this yr. 

Out of the applicant pool, 30 startups have secured their spot in the software and will acquire their AI options for the duration of an eight-7 days interval. 

The method aims to assistance the advancement of ground breaking AI-based methods to present and potential challenges in two most important sectors, govt solutions and media communications. 

Emphasize

The financial commitment coincides with myZoi getting two regulatory licenses from the Central Lender of the UAE.

“The start of this program follows the inception of DCAI by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, Crown Prince of Dubai, chairman of the executive council, and chairman of the board of trustees of the Dubai Future Foundation, with the intention of transforming Dubai into a worldwide pioneer in deploying AI equipment in the public sector,” Saeed Al-Falasi, director of DCAI, stated. 

The DCAI Accelerator is split into two courses, the Upcoming of Generative AI in Govt Products and services, and the Long term of Generative AI in Media and Communications.

Kuwait’s Kem raises $1m in a pre-seed round 

Kuwait-dependent fintech startup Kem secured $1 million in a pre-seed funding round led by Maqamees Holdings.  

Established in 2021 by Seth Sadeq, Zane Chichua, and George Chichua, Kem gives an progressive peer-to-peer quick payment remedy.  

Via its platform, people can simply transfer dollars to one particular yet another utilizing QR codes, getting rid of the requirement for making payment backlinks or relying on common accounts. 

The fresh new funds injection is poised to travel Kem’s expansion ambitions. Specifically, the business designs to use the cash to improve its app, aiming to enhance the consumer working experience and introduce new attributes.

Egypt’s Flat6Labs announces StartMashreq Progress program 

Egypt’s leading seed and early-phase venture money organization Flat6Labs released its StartMashreq Expansion Observe software that aims to nurture startups right up until December 2024. 

The system will also purpose to assistance these startups increase $10 million collectively. The ventures are from Lebanon, Iraq, and Jordan and work in schooling tech, electrical power tech, and home tech.