Egyptian lending marketplace Qardy to be acquired by CPME in Spac deal
0
This proposed transaction represents Egypt's first-ever SPAC acquisition, positioning Qardy to become the nation's inaugural fintech startup to go public via this innovative structure.
Founded in 2022 by Abdelaziz Abdel Nabi, Tamer El-Manesterly, and Aser Yehia, Qardy has rapidly emerged as a trusted platform connecting micro, small, and medium-sized enterprises (MSMEs) with financial institutions. With over 7,000 corporate clients and more than $19 million in facilitated loan transactions, Qardy addresses the critical financing needs of underserved segments within Egypt's economy.
'This acquisition is a testament to our commitment to revolutionizing access to finance for MSMEs,' said Abdelaziz Abdel Nabi, CEO of Qardy. 'Partnering with CPME not only validates our business model but also provides the capital and strategic support necessary to accelerate our growth and expand our services regionally.'
The acquisition will be executed through a full share swap, with new shares in CPME issued in exchange for the entirety of Qardy's equity. This transaction follows CPME's recent capital increase to EGP 14 Billion, approved by the Financial Regulatory Authority (FRA), to facilitate such strategic acquisitions.
'Our investment in Qardy aligns with our vision to empower fintech solutions that drive financial inclusion,' said Maged Shawky, Chairman of Catalyst Partners. 'We are excited to support Qardy's mission and look forward to its continued success under our partnership.'
This acquisition sets a precedent in Egypt's financial sector, showcasing the potential of SPACs as viable vehicles for high-growth startups to access public markets. It also underscores the growing investor confidence in fintech solutions that address the financing gaps faced by MSMEs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
an hour ago
- Finextra
Anticipating Financial Futures: Infrastructure, Innovation, and Inclusion in Türkiye's Fintech Lands: By Farnam Rami
In the face of rapid technological evolution, Türkiye stands at a unique inflection point in redefining financial inclusion and infrastructure resilience. As traditional banking systems continue to show signs of fragmentation, inefficiency, and inaccessibility—particularly for underserved populations—emerging digital platforms are stepping in to close the gap. One such approach focuses on building systems that are not only aligned with today's compliance and user experience expectations, but are also architected to remain adaptable to technologies and frameworks that do not yet exist. From AI-driven risk modeling to modular blockchain-based identity protocols and programmable financial assets, the future of finance requires systems that are anticipatory, not reactive. This emerging fintech philosophy emphasizes three pillars: intelligence, interoperability, and long-term adaptability. It's about crafting infrastructure that can evolve alongside changing regulations, scale with user needs, and remain resilient in the face of geopolitical and technical volatility. What we are witnessing in Türkiye is not just a wave of financial technology adoption, but the early architecture of a system designed to lead—by preparing for rather than responding to disruption. The challenge for all digital finance stakeholders, public and private, is to ensure that this infrastructure remains inclusive, sovereign, and globally relevant.
Finextra
17 hours ago
- Finextra
Network International and Magnati secure regulatory approvals for merger
Network International, a leading fintech company in the Middle East and Africa (MEA), and Magnati, a leading provider of payment solutions in the UAE, today announced that they have received key regulatory approvals to merge into a single entity, owned by a Brookfield-led consortium. The merger process is expected to be completed during Q3, 2025. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The merged entity will serve over 250 financial institutions, 240,000 businesses and more than 20 million cardholders across more than 50 markets in MEA. With a comprehensive suite of offerings—including digital payments, data and insights, small business lending, and advanced fraud and security solutions, the merged organization is committed to enabling businesses. It will continue to partner with governments to support the digitization of economies and enable financial inclusion in the region. With a focus on innovation, scale, and growth, the combined business is well-placed to capitalize on the fast-growing digital payments adoption by both consumers and merchants in the region, including mobile payments, e-commerce and cross border transactions. It will offer an expanded portfolio of products and services, tailored to meet the needs of customers, from SMEs to large enterprises and government agencies. Both companies will also realize sizable efficiencies and synergies, while expanding their operational reach across the MEA region. 'The combination of Network International and Magnati marks a pivotal moment in shaping the future of fintech in Middle East and Africa,' said Murat Cagri Suzer, Group CEO of Network International. 'By combining our scale, talent, deep market expertise, and strong partnerships, we are creating the region's largest and most capable fintech platform serving businesses, keeping payments at the core of our services. We are poised to unlock long-term growth with innovation and deliver even greater value to our customers, partners and shareholders.' The integration of both businesses will take place in a phased manner, and they will continue to operate as two separate brands, namely Network International and Magnati, for the time being.
Finextra
17 hours ago
- Finextra
Two raises €13m to scale B2B payments
Two Funding has reached €13 million, led by Idékapital and Shine Capital, with participation from new investor Investinor and existing backers Antler, Sequoia Capital, Alliance Ventures, Arkwright, and Local Globe. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This brings Two's total funding to over €40 million to date. The fintech company based in Norway helps businesses offer flexible payment terms. The new money will help it speed up the development of its products, the onboarding of merchants, and its reach around the world. The fresh investment will fuel Two's expansion into the US and select Western European markets. Less than three months after its official launch in the US, the market already represents more than 20% of total revenue for the company. The funding will also support further development of Two's fully productised B2B payments infrastructure, which includes its proprietary risk engines, Frida and Delphi, an end-to-end business onboarding solution and embedded deferred payment capabilities tailored specifically for business transactions, already deployed by over 200 of merchants across the Nordics and Europe. Founded in 2021, Two was created with a bold mission of making B2B transactions as seamless as consumer checkouts. Its platform offers instant upfront payments to sellers, flexible net terms for buyers, and AI-powered fraud prevention. With rapid adoption across both large enterprises and SMEs, Two's infrastructure has already become the go-to standard for B2B commerce in Northern Europe. With this funding, Two wants to improve its credit decision engine, make integrations stronger, and work with more suppliers around the world. The latest round comes amid accelerating momentum for the company, with both revenue and payment volume projected to grow more than 150% year-over-year in 2025. Two has also entered into major partnerships with Visa, ABN AMRO, Qliro, Avarda, and Wikinggruppen over the past six months. The company is riding the broader wave of digitisation in B2B payments, as businesses seek modern, scalable infrastructure to replace fragmented and manual processes, much like the shift that occurred in consumer fintech over the past decade. Demand for flexible B2B payment terms is surging. According to Allianz Trade, 95% of B2B buyers now prefer to pay per invoice, yet fewer than 10% of sellers are equipped to offer it online. With the B2B e-commerce market expected to double to $48 trillion by 2030 – making it six times the size of the B2C market – the need for embedded, scalable, and credit-insured payment infrastructure has never been more urgent. Two's advanced underwriting technology and growing global presence position it to lead this transformation and meet the evolving expectations of modern business buyers. Andreas Mjelde, CEO & co-founder of Two, said: 'We are the 'Two' in B2B, and we're on a mission to make selling on net terms as easy as accepting card payments. We've proven that merchants want flexible payment solutions built for how businesses actually buy, not just consumer tools rebranded for B2B. We will leverage the capital injection to scale with large and global enterprise businesses, and we're excited to add strong institutional investors with a long-term investment horizon like Investinor and Idékapital to the team.' Kristian Øvsthus, Managing Partner at Idékapital – who will serve as a board observer, added: 'We invested in Two because of the exceptional ambition and talent of the founding team. With deep international experience and a diverse, world-class team, they are uniquely positioned to scale globally. B2B payments is a massive and still largely untapped market. Two stands out through their combination of a powerful and modular software, deep understanding of the network effects in their industry and their dedication to solving a big problem. We believe they have what it takes to build a global category leader.' Mo Koyfman, Founder & General Partner at Shine Capital, noted: 'The B2B payments market is approaching $100 trillion in volume, and is largely still processed with checks by Accounts Payable departments. Over the coming years, as we've increasingly seen with consumer payments, this market will also digitise. Two, and its experienced, ambitious team, is helping lead this transition with instant underwriting, seamless terms, and a global footprint, serving some of the largest companies in the world.' Egil Garberg, Investment Director at Investinor, said: 'Two is proving that B2B payments don't need to lag behind consumer solutions. They're tackling an underserved market with a world-class team and scalable technology. Together with Sequoia, Shine Capital, Idékapital, and Antler, we're proud to back Two as they build the next global standout fintech success from Norway.' Mathias Owing Maanum, Partner at Antler, said 'B2B payments remain one of the largest untapped opportunities in fintech – trillions in volume still move through manual processes, with poor UX and limited access to credit. Two's platform is at the forefront, making it as simple to offer instant net terms as it is to accept a card from consumers. What sets Two apart is their real-time underwriting engine, unique banking partnerships, and proven ability to scale rapidly – already serving more than 200 merchants across Europe. We believe they're building the foundational infrastructure for the next era of global B2B commerce, and we're proud to continue supporting this exceptional team as they realise their bold vision.' This new round of Two Funding is a big step forward for the company's global growth and will help it change the way B2B payments are made.
