Paysky: Pioneering Fintech change in the MEA financial scene
PaySky Pioneers financial innovations across the Middle East and Africa.
Waleed Sadek's journey from medical Doctor to Fintech visionary.
Despite challenges, PaySky eyes global expansion and financial inclusion.
Egypt's PaySky, founded in 2017, has rapidly become a beacon of financial innovation across the Middle East and Africa (MEA). Dedicated to advancing digital payments, this startup offers sophisticated solutions for banks, telecom firms, and other fintech establishments. Their mission? To bolster businesses with secure and streamlined money transactions and pave the way towards a cashless future by 2030.
Its founder, Waleed Sadek, despite being a medical doctor by training, always had a penchant for technology. His early forays into computer programming eventually led him to establish a firm that counted Visa as a client. Discussing his journey, Sadek mentions, "After managing tech innovations for Visa in the MEA and strategizing for the CEMEA region in London, I envisioned a more efficient digital finance ecosystem. That's how PaySky was conceived."
Having made its mark in 18 MEA countries over five years, PaySky eyes expansion into Asia and Latin America shortly. Sadek's achievements with PaySky also paved the way for his 2021 super app, Yalla, which boasts over a million subscribers and recently clinched victory at the global We Make Future startup event.
Egypt and similar MEA nations are fertile grounds for fintech, given their youthful, tech-savvy demographics and limited traditional financial avenues. Recognizing this, Sadek saw a massive opportunity to enhance electronic payment infrastructures. PaySky's approach involved creating an all-encompassing payment acceptance platform benefiting banks, telecom entities, and fintechs alike.
Collaborations with top-tier entities like the National Bank of Egypt and Egypt Post underscore PaySky's significant national imprint. Detailing their growth, Sadek explains, "We introduced our solutions to banks individually. Their unanimous approval soon made us the go-to for electronic payments not just in Egypt but across 10 African countries."
Despite seeing a remarkable 210% surge in processed money on their platform in 2023, Sadek's financial sacrifices were instrumental in PaySky's early growth. He emphasizes the importance of founders' financial commitment, stating, "Your confidence in investing your savings in your venture sets the tone for external investors."
Although PaySky has successfully garnered $34 million in funding, Sadek candidly shares that procuring capital, especially in Egypt, remains a formidable challenge. A report by Magnitt supports this, revealing fintech as the region's top-funded sector, claiming 39% of investments.
While many chase the AI trend, PaySky focuses on enhancing customer experiences. They harness AI for data insights, customer segmentation, and financial counsel. But for Sadek, AI is just a tool. He remarks, "AI isn't the endgame. It's a technology to be tapped based on necessity."
As PaySky preps for its next growth phase, it remains committed to leaving a lasting imprint on the global financial sector. Sadek concludes, "Our goal remains steadfast: to elevate financial inclusivity globally."
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