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Aman Holding, an Egyptian holding company for financial services technology and e-payments, announced that recent investments and successfully implemented growth and expansion strategies have caused its capital to rise to EGP615 million ($32.4 million).
Aman Holding, a subsidiary of Raya Holding for Financial Investments, a Cairo-based investment conglomerate founded by Egyptian tycoon Medhat Khalil in 1999, was established to improve financial services products and experiences in Egypt.
The fintech company’s capital rose to EGP615 million ($32.4 million) on the back of the EGP240-million ($12.7 million) investment that it made to strengthen its financial position.
The $12.7-million investment follows recent expansion strategies used by the management to put the company on the path of sustainable growth and broaden its reach on the Egyptian market.
Hazem Moghazi, CEO of Aman Holding, disclosed that the surge in the firm’s capital through the latest series of investments aligns with its plans to deepen its footprint on the local market, while continuing to service existing clients.
He added that Aman’s recent capital expansion is the first step in its planned expansion strategy, as it focuses on small and medium-sized businesses and works to become more sustainable.
Aman has funded more than 70,000 clients, with EGP1.5 billion ($80 million) so far this year through its extensive network of over 80 micro-finance branches, 250 stores, and more than 100,000 merchants.
In addition to the EGP500 million ($26.4 million) that it has set aside to finance projects on a micro-level, the fintech services provider is looking to make a total of EGP3.2 billion ($168.8 million) in micro-financing available to clients in the form of small working capital loans.
Aman Holdings has disclosed plans to incorporate two businesses under the name “Aman” for securitization and consumer financing to finish its non-banking financial services system.
In addition, the company is aiming to strengthen its capital base, while preparing to fortify its presence on the Egyptian market.
It is anticipated that the company will issue a fourth securitization bond worth about EGP500 million ($26.7 million) to finance medium- and long-term activities in line with its plans to launch its new units, in addition to the EGP1.65-billion ($88 million) securitization bond that it has already issued to finance long-term projects.
