Egyptian lending marketplace Qardy to be acquired by CPME in Spac deal
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This proposed transaction represents Egypt's first-ever SPAC acquisition, positioning Qardy to become the nation's inaugural fintech startup to go public via this innovative structure.
Founded in 2022 by Abdelaziz Abdel Nabi, Tamer El-Manesterly, and Aser Yehia, Qardy has rapidly emerged as a trusted platform connecting micro, small, and medium-sized enterprises (MSMEs) with financial institutions. With over 7,000 corporate clients and more than $19 million in facilitated loan transactions, Qardy addresses the critical financing needs of underserved segments within Egypt's economy.
'This acquisition is a testament to our commitment to revolutionizing access to finance for MSMEs,' said Abdelaziz Abdel Nabi, CEO of Qardy. 'Partnering with CPME not only validates our business model but also provides the capital and strategic support necessary to accelerate our growth and expand our services regionally.'
The acquisition will be executed through a full share swap, with new shares in CPME issued in exchange for the entirety of Qardy's equity. This transaction follows CPME's recent capital increase to EGP 14 Billion, approved by the Financial Regulatory Authority (FRA), to facilitate such strategic acquisitions.
'Our investment in Qardy aligns with our vision to empower fintech solutions that drive financial inclusion,' said Maged Shawky, Chairman of Catalyst Partners. 'We are excited to support Qardy's mission and look forward to its continued success under our partnership.'
This acquisition sets a precedent in Egypt's financial sector, showcasing the potential of SPACs as viable vehicles for high-growth startups to access public markets. It also underscores the growing investor confidence in fintech solutions that address the financing gaps faced by MSMEs.
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