Day: July 30, 2024

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Egypt E-Commerce Platform Cartona Secures $8.1 Million in Series A Extension Round

New Investments

Egypt E-Commerce Platform Cartona Secures $8.1 Million in Series A Extension Round

| Article

Cartona, one of the leading B2B e-commerce platforms in Egypt, has successfully raised an additional $8.1 million in a Series A extension round, bringing the total Series A funding to $20.1 million.

The investment, comprising $5.6 million in equity and $2.5 million in debt, was led by Algebra Ventures with participation from existing investors Silicon Badia and the SANAD Fund for MSME. Camel Ventures and GlobalCorp provided the debt financing.

Founded in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona connects buyers and sellers through a mobile app.
The platform currently boasts over 188,000 retailers and operates in 17 Egyptian cities.

The fresh capital will be used to expand Cartona’s operations in the fast-moving consumer goods (FMCG) and hospitality sectors, increase market share, and explore new markets in the Middle East and North Africa (MENA) region. 
Additionally, the debt financing will support working capital needs for local retailers.

“We are thrilled to secure this additional funding, which reinforces our position as a market leader,” said Mahmoud Talaat, CEO of Cartona. “This investment will enable us to accelerate our growth, enhance our platform, and deliver even greater value to our customers.”

Cartona has experienced rapid growth since its inception, expanding its reach from three to 11 Egyptian cities in just one year.

The company aims to cover all of Egypt’s governorates while continuously improving its product offerings and exploring new business verticals.

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Alain Francis Nkontchou: Champion of African Investment and Financial Innovation

Alain Francis Nkontchou: Champion of African Investment and Financial Innovation

Alain Francis Nkontchou, a distinguished Cameroonian financier and entrepreneur, has made remarkable contributions to the financial sector, particularly in promoting investment and economic growth throughout Africa.

His career is characterized by his visionary leadership, strategic investments, and commitment to advancing the continent’s economic landscape.

Born in Yaoundé, Cameroon, in 1963, Alain Nkontchou pursued his education at the prestigious École supérieure de commerce de Paris (ESCP).

Nkontchou began his professional journey in the financial industry at Chemical Bank, where he was responsible for cash management.

He quickly rose through the ranks and was promoted to Managing Director at Chase Manhattan Bank in 2002. His career further advanced when he served as Managing Director at JPMorgan Chase Bank and Credit Suisse AG in London.

In 2007, Alain Nkontchou founded Enko Capital Management LLP, an investment firm dedicated to African markets.

Under his leadership, Enko Capital has been pivotal in attracting international capital to the continent, supporting the growth of African enterprises, and fostering economic development.

The firm’s innovative approach to investment has made it a key player in the African financial landscape.

Nkontchou joined the Board of Directors of Ecobank Transnational Incorporated (ETI) in 2014 and was appointed Chairman in 2020.

His tenure at Ecobank has been marked by efforts to enhance the bank’s product offerings, improve customer experiences, and drive sustainable development across Africa.

Ecobank, under his leadership, has continued to expand its influence as a leading pan-African banking group.

Alain Nkontchou’s mission is to advance economic development in Africa through strategic financial investments and fostering innovative solutions in the banking sector.

His work at Enko Capital and Ecobank aims to position these institutions as catalysts for positive change, driving growth and resilience in African economies.

Alain Francis Nkontchou’s achievements underscore his commitment to leveraging financial expertise to drive economic progress and development in Africa.

His visionary leadership and strategic initiatives have not only promoted investment in African markets but also contributed significantly to the continent’s economic transformation.

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MasterCard and Premier Bank Launch Digital Payment Platform for Somali Businesses

Key Developments

MasterCard and Premier Bank Launch Digital Payment Platform for Somali Businesses

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MasterCard, a leading global payments technology company, has partnered with Premier Bank to introduce the Premier Payment Gateway, a digital platform designed to empower Somali businesses to accept international card payments.
 

The collaboration aims to boost the growth of Somali businesses by providing them with a secure and efficient way to conduct online transactions.

The payment gateway will enable businesses to expand their customer reach, boost revenue, and compete effectively on a global scale.

Shehryar Ali, MasterCard’s Country Manager for East Africa and Indian Ocean Islands, emphasized the partnership’s significance, stating that it will enable Somali businesses to tap into the growing e-commerce market.

The platform aligns with MasterCard’s broader goal of integrating 50 million micro and small businesses into the digital economy by 2025.

Premier Bank’s involvement in this initiative is part of its 2030 strategy to create a comprehensive payment ecosystem benefiting both cardholders and merchants.

The rapid growth of online shopping in Africa, fueled by increased internet penetration and the impact of the COVID-19 pandemic, presents a significant opportunity for Somali businesses.

With a growing mobile phone and internet user base, the Premier Payment Gateway is well-positioned to meet the evolving needs of Somali consumers who are increasingly seeking convenient and secure online shopping experiences.

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