PaySky, a digital payment company, plans to enter the consumer finance, digital savings, and digital investments sectors by 2024. Walid Sadek, the founder and CEO of PaySky, said that the company is seeking regulatory approval from the Financial Regulatory Authority for these activities. He added that the company wants to obtain a consumer finance license and launch tools for digital investment and savings through its “Yalla Super App”.
Sadek spoke at the Forbes Middle East Summit and revealed that the company is also looking into getting a license for a digital bank in collaboration with a local financial institution. He expects a decision on this matter in the first quarter of 2024. He stressed that the current time is ideal for introducing digital investment and savings services and offering new products to customers. He noted that the company has invested about EGP 1.5bn in the last three years.
The company aims to invest more than EGP 3bn in the next three years, along with a new eight-digit funding round that is being prepared and whose manager will be selected soon, according to Sadek.
He also said that the company is still pursuing its expansion plan in the Saudi Arabian market, with some modifications due to the market’s competitiveness. The company has partnered with a leading digital solutions provider to start joint operations. The company has also expanded its operations in the Pakistani and UAE markets, while maintaining its primary focus on the Egyptian market. The company’s strategy is based on its four main markets: Egypt, UAE, Saudi Arabia, and Pakistan.
PaySky is a cutting-edge payment solutions provider that offers a variety of payment solutions for financial institutions, merchants, companies, and consumers worldwide. Through its digital financial services, it serves a billion consumers and a million companies in the PaySky ecosystem, helping them transfer, save, and grow their money more effectively.
