Egyptian fintech Paynas wins $50k at Pitch by the Pyramids

Egyptian startup PayNas has won $50 000 at the Pitch by the Pyramids pitching competition. The award was made last week.

The Cairo-based cloud platform provides banking services and a human resources and payroll service to small businesses.

Middle East and North Africa (MENA) entrepreneurship platform Wamda said in an article on Monday (9 December) that the startup was awarded the prize money by 500 Startups after it was picked as the winner among 15 startups by a panel of judges.

This while UAE-based on-demand personal assistant app Yanzo was awarded $60 000 after it won a public vote.

PayNas was founded in 2018 by Mohamed Mounir ElHashemy

PayNas was founded in 2018 by Mohamed Mounir ElHashemy (pictured above middle, with PayNas director of communications and investor relations Yara El Abd and co-founder and commercial director Mohamed A FakhrElDin)

Pitch by the Pyramids was run at the conclusion of the seventh edition of the RiseUp Summit, which was held in Cairo between 5 and 7 December.

Wamda also reported that RiseUp Summit founder Abdelhameed Sharara announced a three-year partnership with Gemini Enterprises Africa — which is part of the Orascom Group — to co-develop innovation hubs at the Pyramids Plateau and other Orascom-owned holdings.

The deal will also see the Pyramids Plateau become the exclusive host of any entrepreneurial events in the area.

Featured image, left to right: PayNas director of communications and investor relations Yara El Abd, PayNas founder and CEO Mohamed Mounir ElHashemy and PayNas co-founder and commercial director Mohamed A FakhrElDin (LinkedIn)