Egypt- Prime FinTech launches financial leasing, factoring firm with EGP 50m capital

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(MENAFN – Daily News Egypt) Prime FinTech, a subsidiary of Prime Holding, has launched its first company, Endorse, with a paid-in capital of EGP 50m, and is aiming to reach EGP 100m by the end of 2020.
Endorse completed its registration in September 2020, and has received its one-of-a-kind licence from Egypt’s Financial Regulatory Authority (FRA). It will now be able to offer financial leasing and factoring activities to the business sector, as well as consumer finance services to individuals in the market. 
Mervat Erian, CEO of both Prime FinTech and Endorse, said, ‘Endorse is ready to launch its unique value propositions in the market combining all three non-banking financial services in one company which sets us apart.’
She added, ‘As the market begins to recover from the economic repercussions of the novel coronavirus (COVID-19) pandemic, and in line with the Egyptian government’s vision about digitisation of businesses and companies, we feel that relying on technology to offer our services is a necessity and not a luxury.’ 
Endorse intends to target two segments in the market, namely businesses and individuals, commencing with leasing then factoring for the business sector. This will be followed by the roll out of consumer finance …

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