Everything Under One Platform Everything you need. Under one platform. Receive money. Make payments. Access financing. Manage your finances. At the heart of this connected experience is Mal’s approach to Islamic finance, bringing Islamic financial principles and heritage into a modern platform designed for the way people manage money today. Instead of moving between disconnected providers and repeating the same steps, Mal brings financial capabilities together through one AI-native platform. The result is an experience that feels far removed from traditional financial platforms: a streamlined, intuitive interface where everything is brought together in one place, without compromising the principles behind…
Author: Mohamed Fathy
Gainz Crowdfunding has announced that it has received in-principle approval from the Central Bank of Bahrain (CBB) to operate a Shariah-compliant debt crowdfunding platform, marking a step toward introducing a new financing model for small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region. A Significant Financing Gap The development comes amid a significant financing gap facing SMEs across the region. SMEs account for approximately 96% of registered companies in MENA but receive only around 7% of total bank lending. According to the International Finance Corporation (IFC), part of the World Bank Group, the region’s SME…
Synapse Analytics, an AI company that builds agentic decisioning infrastructure for regulated financial institutions putting policy control directly in the hands of credit and risk teams, announced today that it has raised US$13 million in a Series A funding round, bringing the total raised to US$17 million since inception. Terms of the transaction and valuation were not disclosed. Accelerate Product Development The round was led by Partech, a global technology investment firm, with additional participation from Algebra Ventures and Silicon Badia. The new capital will be used to scale the team, accelerate product development and expand international market reach. Synapse…
Creative Investments Holding (Creative Holding), an investment company dedicated to the creative industries, today announced the conclusion of its founding round, with initial aggregate commitments of USD 20 million at first close subject to definitive agreements, targeting a total raise of up to USD 50 million. Creative Holding is being established by veteran luxury and brands executive Mohamed Talaat Khalifa (MTK) through his investment arm Leo Equities, in partnership with founding investors Mr. Onsi Sawiris, Mr. Ali Abubakr, and the Micro, Small and Medium Enterprises Development Agency (MSMEDA). Creative Holding is led by MTK, alongside seasoned finance executive and arts…
Building on its rapid regional expansion across Saudi Arabia and Egypt, AI startup Velents is driving its growth momentum forward by expanding into Bahrain following a strategic agreement signed with stc Bahrain on the sidelines of LEAP 2026 in Riyadh. The partnership aims to launch an exclusive suite of Agentic AI product bundles tailored for enterprise customers across the Kingdom. Autonomous Digital Agents This milestone partnership solidifies Velents’ position as a key pioneer bringing autonomous digital agents to Middle Eastern enterprises. By integrating Velents’ applied artificial intelligence directly into stc Bahrain’s extensive B2B ecosystem, the partnership bypasses traditional third-party vendor…
Garnest, a platform specializing in vacation rental bookings, is planning to expand across the Egyptian market after attracting more than 5,000 customers within its first two months of launch, while the number of accommodation units listed on the platform has surpassed 500. Expansion Strategy Ahmed Fazara, Founder of Garnest, said the platform aims to grow its customer base to 100,000 and increase the number of listed accommodation units to around 10,000 as part of its expansion strategy in Egypt’s vacation rental market. Fazara explained that Garnest currently operates across Egyptian governorates and tourist destinations, allowing users to search for and…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. UfarmX Facilitates $6.8 Million in Agricultural Commerce Across Africa, Plans Kenya Expansion Nigerian agritech startup UfarmX has facilitated more than $6.8 million in agricultural commerce across Nigeria, Senegal, and Liberia, while preparing to expand into Kenya in the fourth quarter of this year. The company uses blockchain technology to empower smallholder farmers, particularly those who are unbanked or underserved by traditional financial institutions, by improving access to agricultural inputs, credit, markets, and operational data. The…
Synergy Capital, through its regulated asset-management arm Misr for Financial Investments (MFIC), and Nawy Now, the mortgage-financing arm of Nawy, have closed the second issuance of MFIC’s Shariah-compliant, Ijarah-based fixed-income fund at EGP 633 million. The close takes total capital raised under the programme past EGP 1 billion in under a year. Lease-to-Own The programme is structured around an Ijarah (lease-to-own) model, the first of its kind for a fixed-income securities fund in Egypt and the Middle East, offering investors a Shariah-compliant, fixed-income return backed by real-estate mortgage receivables. The fund targets returns above the market average for fixed-income instruments…
3C Coding School, a premier platform specializing in coding, technology, and artificial intelligence education for children and youth, has officially closed its $3 million Seed funding round. The direct equity investment was spearheaded by MRG Economic Group, led by Egyptian business leader Mahmoud Ramadan, with participation from prominent investor Amr Saad alongside a group of strategic angel investors. Major Milestone This capital injection marks a major milestone in 3C Coding School’s trajectory. It comes on the heels of impressive operational momentum, with the company expanding its user base to over 120,000 students and delivering a 230% surge in revenue. These…
Nawah Scientific, a multidisciplinary scientific research, analytical, and drug development platform, and Pauling.AI, a US-based company specializing in AI-powered computational drug discovery, have announced a strategic partnership to provide pharmaceutical and biotechnology companies worldwide with an integrated drug discovery offering combining computational research with experimental laboratory validation. Challenges The partnership aims to address one of the long-standing challenges in drug discovery: the gap between computational predictions and experimental evidence. Under the partnership, Pauling.AI will use its autonomous computational drug discovery platform to transform biological targets and research hypotheses into prioritized molecular candidates through workflows covering virtual screening, molecular docking, molecular…
Saudi-based platform Fitting has begun implementing its plans for the next phase of growth following the closing of its second Seed funding round, valued at $1.1 million, with the participation of a strategic investor operating across the construction materials, contracting, and real estate development sectors. The company is directing the funding toward technology development, expanding its operational capabilities, building its team, and supporting its growth in the Saudi market. At the same time, Fitting is working to introduce new services, including enhanced shipment-tracking capabilities, the integration of artificial intelligence technologies, and the launch of a smart construction materials catalogue. Fitting…
RcrutAI announced the launch of Panther, an AI engine specialized in the real estate development stage, which shortens the process of studying and analyzing the market from weeks or months to approximately one minute, while providing a dedicated consultant who works directly with the client’s team. It is the first tool launched by the company specifically for the real estate development sector, but it will not be the last, as RcrutAI designs tools that leverage artificial intelligence to serve institutions. Leveraging Artificial Intelligence RcrutAI was founded with the aim of leveraging artificial intelligence to serve institutions in general and establishing…
Off Brief Media has officially launched as an independent media company, introducing a new portfolio-led approach to building digital media brands across Egypt and the wider MENA region. Founded by Ahmed Aboud, Founder & CEO, and Fayrouz Khaled Salah, Co-Founder & Head of Content, the company launches with two owned platforms: Lemonade, focused on culture and entertainment, and Traction, focused on business, markets and entrepreneurship. The launch follows the evolution of Off Brief from a podcast into a wider media business. What began as conversations around media, brands and changing audience behaviour developed into a platform, before growing into the…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Edge Growth Raises $21.9M in First Close of Venture Debt Fund for African Scale-ups Edge Growth Ventures, the investment arm of South Africa-based Edge Growth, has announced the first close of its Edge Impact Fund (EIF) at R350 million (US$21.9 million). The fund aims to provide growth capital to tech-enabled companies that need additional funding without giving up more equity. The fund took more than three years to establish and was anchored by two South…
Swvl Holdings Corp (Nasdaq: SWVL), a technology-driven mobility solutions provider for enterprises and governments, has entered into a definitive agreement with Sofico Holdings Limited for a $1.5 million private placement in Swvl’s ordinary shares at a purchase price of $1.46 per share. The transaction is expected to close on August 28, 2026, subject to the satisfaction of customary closing conditions. Under the agreement, Sofico has committed to a six-month lock-up period for the securities purchased, followed by additional restrictions on the volume and timing of subsequent sales. Swvl said it plans to use the net proceeds from the private placement…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Nigeria’s Terra Industries Raises $18 Million, Bringing Extended Seed Round to $52 Million Nigerian defense technology startup Terra Industries has raised an additional $18 million, bringing the total value of its extended seed round to $52 million. The company plans to use the new capital to expand its manufacturing capabilities and accelerate its international expansion beyond the African market. The latest funding follows $11.7 million raised in January 2026 and another $22 million secured in…
Tech Source GDS and THOTH Consulting and Business Development have signed a cooperation protocol aimed at supporting the growth of Egyptian companies, strengthening their managerial and operational capabilities, and helping them expand and export their services to international markets, with a particular focus on the Gulf region and the Kingdom of Saudi Arabia. The protocol was signed by Dr. Shima El-Shinawy, Deputy CEO of Tech Source GDS, and Eng. Haitham Mansour, CEO of THOTH Consulting and Business Development, in the presence of representatives from both companies. Integrated Support Ecosystem The agreement reflects the two companies’ shared commitment to building an…
Exits MENA, the region’s first investment platform and advisory firm focusing on startups and SMEs, today announced the signing of a multi-seven-figure transaction in partnership with ACE’s existing local management to acquire Avanz Capital Egypt (ACE), a private equity and asset management firm. Integrated Financial Group With initial approval from Egypt’s Financial Regulatory Authority (FRA), the transaction represents an important milestone in Exits MENA’s strategy to build an integrated financial group serving investors, startups, SMEs, and financial institutions across Egypt and the wider MENA region. Under the agreement, ACE’s existing management team, led by CEO and Managing Director Haytham Wagih,…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Africa’s Business Heroes Names 20 Entrepreneurs From 12 Countries for 2026 Semi-Finals Africa’s Business Heroes (ABH) has selected 20 entrepreneurs from 12 African countries for the 2026 semi-final stage, moving the founders closer to competing for a share of the competition’s $1.5 million prize pool. The cohort spans a wide range of sectors, including agritech, healthcare, fintech, manufacturing, climate technology, education, biotechnology and digital services. Egypt has the largest representation with four entrepreneurs: Ahmed Shaaban,…
GEEKS STORE has announced the signing of a strategic partnership agreement with iFLYTEK, one of China’s leading artificial intelligence companies, under which GEEKS STORE becomes the sole and exclusive national distributor of iFLYTEK products in Egypt, as well as the brand’s official and exclusive representative in the Egyptian market. Strategic Step The agreement marks a strategic step in Geeks’ expansion into advanced technology, particularly artificial intelligence, with the partnership beginning with the launch of iFLYTEK products in Egypt, led by the AINOTE 2 and AINOTE 2 Air. The products will be officially available to Egyptian consumers, supported by warranty coverage…