Business & Technology

Tamweely: An Egyptian Matchmaking Platform for Startups and Investors

mm
Tamweely: An Egyptian Matchmaking Platform for Startups and Investors

Photo via Analytics India Magazine

As Egypt moves steadily towards promoting digital financial inclusion, the cabinet as well as local and international business organisations are pushing towards a revolutionary economic transition. Although millions of Egyptians still prefer to keep their money at home instead of using banks, the Egyptian government is keen on changing the narrative.

During the past three years, the Center for International Private Enterprise (CIPE) significantly contributed to Egypt’s transition towards a cashless economy, facilitating access to financial services, streamlining reforms, digitizing payless solutions to limit cash transactions, and eventually improving public services. An affiliate of the U.S. Chamber of Commerce, CIPE strives to promote legal and market-oriented reform through its partnerships with business associations, NGOs, local private sector leaders, and think tanks.

With more than 60 percent of Egypt’s population constituting youth, the country’s economy is slowly becoming more and more startup-centric and investment-oriented. Home to countless investment opportunities, and millions of ambitious youthful dreams, Egypt currently boasts one of the fastest-growing startup ecosystems in the MENA region. To connect these startups with relevant investment opportunities, the Center for International Private Enterprise (CIPE) launched ‘Tamweely’ (My Finance) in 2017.

Photo taken during the launch of the application, via Facebook

Egyptian Streets spoke to Randa Al-Zoghbi, Egypt Program Director at CIPE, about the organisation’s efforts in Egypt’s transition towards a cashless economy, promoting financial inclusion among Egyptians, and supporting rising entrepreneurs and start-ups in the country.

According to Al-Zoghbi, it was striking to witness large sums of money being collected from homes, after the national call for donations for the Suez Canal Corridor Area project in 2014.

Available on the Apple App Store and Google Play Store, Tamweely is a mobile application designed to assist entrepreneurs in Egypt by connecting them to financial institutions and individual investors.

As an entrepreneur, you open Tamweely’s website, register by classifying your profile, sector and size of business, and then describe your scope of work and type of business. Once registered, the entrepreneur can connect with a financial institution that may be interested in the business.

One segment of entrepreneurs the application is hoping to target is Egyptian women. In some Egyptian governorates, many women can face multiple difficulties if they wish to start their own business or finance a business idea.

Photo taken during an Entrepreneurship workshop hosted in Mansoura, Egypt

“We hosted training sessions in universities. Young women across different Egyptian governorates, who used to sell products through social media, took their first steps towards e-commerce. They transformed into actual businesses and made deals with cashless payment companies,” she proudly explains, highlighting that Tamweely offers fair opportunities because it has no religious, social, or gender bias.

“Tamweely deals with the business idea, not the person.”

The promising Egyptian platform, which started with 100 entrepreneurs in 2017 and currently has more than 10,000 entrepreneurs, does more than just connect entrepreneurs with investors. To help business owners and prepare them for the business environment, Tamweely also offers educational resources.

“Tamweely helps entrepreneurs learn how to create a business plan, cash projection, and balance sheets to ease the process and help them meet the requirements of the financial institution that approaches them,” she says. Al-Zoghbi also explains that start-ups often request large sums of money without having a proper cash flow or business plan, and, at other times, their connection with the investor halts as soon as he or she is requested to submit paperwork.

“Previously, the standard approach was getting a loan from the bank, and there were very few loan options for startups. Tamweely was launched to provide start-ups alternative access to financial opportunities,” says Al-Zoghbi.

Subscribe to the Egyptian Streets’ weekly newsletter! Catch up on the latest news, arts & culture headlines, exclusive features and more stories that matter, delivered straight to your inbox by clicking here.

In Photos: The Other Hijab and the Blurred Identity of Women in the Arab World
Egyptians Share the Weirdest Fun Facts About Their Pets


Subscribe to our newsletter


Business & Technology
mm

A journalism graduate from the American University in Dubai who is curious, spontaneous, and often rebellious, Marina is a passionate Cairo-based journalist who aspires to become one of the most influential women in the Middle East. She likes to follow her heart and express that through words; her favorite form of expression.

More in Business & Technology

How an Egyptian Teenager Turned her Hobby Into an Eco-Friendly Business

Marina Makary29 November 2022

Real Discounts or Fake Deals? A Look at Black Friday in Egypt

Marina Makary28 November 2022

Step Saudi 2022 Technology Festival is Back in Riyadh

Egyptian Streets28 November 2022

What Did Egyptians Stop Buying Because of Overpricing?

Marina Makary3 November 2022

Why Did Egyptian Banks Regulate Spending Abroad?

Marina Makary2 November 2022

Egyptian Money-Pooling Startup ‘Money Fellows’ Raises $31 Million in Funding

Shereif Barakat31 October 2022

How an Egyptian Startup Became the Leading Esports Platform in the Middle East

Marina Makary25 October 2022

Meet the Egyptians on the 2022 Forbes Middle East 30 Under 30 List

Shereif Barakat8 October 2022