Egyptian fintech startup KIWE has raised its first round of funding, which it will use to drive its growth by utilising the offerings of its investors.
Founded in March 2021 by Fatma Khalifa, Omar Kamel and Mohamed Khalifa, KIWE is a peer-to-peer money exchange app that allows its users to transfer money to each other in real-time.
The startup said in a statement that it was on a “quest” to create a cashless ecosystem through a comprehensive merchants network, providing customers with the safest and simplest payment experience.
“We are strong believers of empowering freelancers and business owners by helping them identify their targets, level up their customer experience and accept online and offline payments. Our vision is for KIWE to become a verb interchangeable with any word that speaks payments. We strive to have our customers reach out to their phones instinctively whenever a receipt is printed, a cheque arrives at the table, or a friend’s pay-back is due,” the statement said.
In a bid to make that a reality, the startup has taken on its first round of investment, led by dfin Holding with participation from EFG Hermes, Marakez for Development, and a group of angel investors. The investment will be used to drive the startup’s growth by utilising the offerings of its investors.
“Through this strategic consortium of investors, we target to catapult the growth of KIWE by deploying dfins’ tech-based financial services portfolio, utilising EFGs’ Valu as a key payment method, and rolling out across Marakez’s portfolio of commercial and residential projects – a perfect fit to help drive our mission towards a stronger e-payments future,” the startup said.