Egyptian fintech Axis has launched its digital payments platform to the North African market after securing a license from the apex bank, Central Bank of Egypt (CBE), for its open-loop mobile wallet, axisPay, which offers a digital banking alternative for small businesses and their employees.
This is coming almost 18 months after the startup received an $8.25 million seed investment co-led by Tiger Global, Sawari Ventures and Raba, with participation from Firstminute Capital and RaliCap; founders of Venmo, Rho Banking and Cred; and executives from Revolut and Plaid.
Axis has been in stealth, engaging regulators and getting the necessary licensing for operations, co-founder and CEO Jacques Marco told TechCrunch in a recent interview. “We’ve been focused over the past two years on three tracks: one, licensing (mobile money/wallet issuing and acceptance licenses); two, being deliberate and focused on building the right relationships with the regulator and the local banks, making sure we’re…
