VC React Podcast (E12): Global Fintechs In MENA, Round Extension, Secondaries, Selling Foundr Shares

VC React Podcast:

Every week, we bring you insights and reactions from top VCs, reacting to the latest news on MENA startups, VCs, and investment rounds. Stay tuned for: expert analysis, independent opinions, and maybe some heated conversations!

Host: Ahmad Takatkah, VCpreneur.
Sign up to VCpreneur Newsletter on https://www.vcpreneur.com/

Co-Host: Jamie Lane, FWDstart.
Sign up to FWDstart Newsletter on https://www.fwdstart.me/

Available on:

• Youtube: VC React Podcast

• Spotify: VC React Podcast

• Apple: VC React Podcast

• Amazon: VC React Podcast

Guests:

1. Hasan Haider, Founder and Managing Partner @ Plus VC
- LinkedIn Profile: https://www.linkedin.com/in/hasanhaider/
- VC Firm Website: https://plus.vc/

2. Jessica Al Hussaini, VC Senior Associate @ Globivest
- LinkedIn Profile: https://www.linkedin.com/in/jessica-al-hussaini-5a491b54/
- VC Firm Website: https://www.globivest.com/

In Today's Episode:

News of the week brought to you by FWDstart:

• Paymob secures $22m extension to Series B funding, raises $72m in total
  Source: Gulf Business
  Summary: Egypt-based fintech Paymob has raised a $22 million Series B extension round, bringing the company’s total Series B funding to $72 million. The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst, along with existing investors, including PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures. Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob provides online and offline merchants with digital payment solutions. The extension round will enable Paymob to pursue its growth strategy across MENA.

• UAE-Based Fintech Platform FlapKap Raises $34M In Pre-Series A Funding Round
  Source: Forbes Middle East
  Summary: UAE-based fintech FlapKap has raised $34 million in a pre-Series A funding round that included both debt and equity financing. The round is led by BECO Capital and saw significant new investment from Pact VC, with follow-on contributions from A15, Nclude, QED Investors, and debt financing from Channel Capital. Founded in Egypt in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap offers revenue-based and embedded finance solutions to assist SMEs in increasing their inventory and digital ads with quick cash and the option to pay later. FlapKap plans to use the new investment to expand its SME financing services throughout the GCC and the rest of the Middle East. FlapKap raised $3.6 million in a Seed round in 2022, bringing the total funding to $37.6 million.

• Revolut Looks to Expand Digital Banking License Effort to Middle East
  Source: Pymnts
  Summary: Revolut is reportedly planning to expand into the GCC, applying to become an electronic-money institution and offer remittances in the UAE while exploring opportunities in Saudi Arabia. The British fintech is hiring key regional staff, including a head of finance and head of legal, and aims to build a truly global bank, according to CEO Nik Storonsky.

• Abu Dhabi’s Mubadala takes stake in Revolut
  Source: Financial Times
  Summary: Abu Dhabi's Mubadala has invested in Revolut for the first time, joining a share sale that valued the fintech at $45 billion. The sale, held in August, saw employees sell $500 million worth of shares. Mubadala was among other investors like Coatue, D1 Capital Partners, and Tiger Global. Nik Storonsky, Revolut's founder, sold between $200 million and $300 million of his shares.

• Seez Secures USD 4.2M to Accelerate US Expansion Plan
  Source: Waya Media
  Summary: Seez, a UAE-based automotive SaaS startup, has raised $4.2 million from several international investors. Founded in 2015 by Tarek Kabrit and Andrew Kabrit, Seez is an automotive tech company that provides car dealerships and OEMs with software solutions to improve their customer experience and increase sales. After expanding into markets such as the UK, Australia, Denmark, South Africa, New Zealand, Mexico, and GCC countries, Seez plans to use the investment to bolster its expansion into the US.