PaySky has already succeeded in obtaining licenses to practice the service in Saudi Arabia
PaySky Payments and Financial Technology Solutions has collected revenues of EGP 2bn from the Yalla Super App in just 6 months, with a total number of customers reaching about one million, since its launch last February.
Dr. Waleed Sadek, the founder and CEO of the company, said that it is negotiating with a group of international investors to obtain financing worth $50 million, which it intends to use in implementing the company’s expansion plans during the next year, as it plans to penetrate the Saudi market in the first quarter of 2023, aiming to facilitate money transfers. In an instant, and at a low cost, for about 3 million Egyptians residing in the Kingdom.
“Sadek” explained in statements to “Al-Mal” that “PaySky” has already succeeded in obtaining licenses to practice the service in Saudi Arabia, and established a headquarters for it inside the country, in preparation for starting its submission during the first 3 months of next year, pointing out that the company also aims to expand. In Pakistan, after Saudi Arabia, and then entering new markets in the rest of the region.
The company’s investments in Egypt were estimated at about $32 million since its inception in 2017 until now.
It is noteworthy that the company launched the “Yalla Super App” application in cooperation with the Egyptian Post Authority, which is an integrated digital platform that provides a set of financial and non-financial services such as bill payment and electronic shopping, in addition to services for institutions and merchants, and includes a group of other applications, including “ Yalla Money” that allows customers to pay, transfer, save and invest money.
The company is also negotiating investments worth $50 million during the first quarter of 2023.
And “Sadek” believed that the current period is characterized by the presence of young people who are more aware of the means of electronic payment, and more familiar with the issue of financial inclusion, in addition to that there are about 50% of individuals who do not have bank accounts through which transactions are carried out, all of which contributed to strengthening the presence of emerging companies in the market. Specifically in the field of financial technology, pointing out that the entire Arab region represents a fertile ground for activating and spreading financial technology applications.
And he continued, on the sidelines of the Forbes Middle East Summit for entrepreneurs under the age of 30, which was held in El Gouna from November 24 to 26, that the difficult economic conditions the world is experiencing in the current period and other factors such as increased reliance on smart phones and the use of the Internet. In Egypt and the region, it greatly contributed to increasing dealings with financial applications, as it created an urgent need to transfer funds, whether from abroad or even from within, in an instantaneous manner, in addition to the great benefit from the services of multiple electronic payment solutions that save a lot of time, effort and costs.
Regarding the most important challenges facing startups in Egypt, he stated that there is a big gap between the number of graduates each year and their qualification, as most of them are not sufficiently qualified to work in the market, which creates an urgent need to launch several initiatives in different sectors, the main objective of which is to support university students. and different age stages.