Legal Name: AlgoPay, Inc.
Location: Los Angeles, CA
Founders: Anna Merzi
Industry – MENA Fintech Market
Projections: $2.5B by 2022 (Source: FintechNews.ae)
AlgoPay is a secure, fintech-driven, and borderless payment solution for online businesses in the Middle East, a region where there’s over $1.3T handled in cash at present. No bank account is needed to use this digital card for online purchases, cash transfers, and more.
With close to 70% of its population having either limited or no access to financial services, there is a huge growth opportunity for fintech products and solutions in the Middle East, both in the B2B and B2C segment, in the near future. Besides the region’s large unbanked population, the high smartphone adoption rates, consumers’ preference for digital, mobile-based financial solutions, and a changing financial sector are among the growth drivers for fintech in the Middle East.
AlgoPay offers an e-wallet that enables the unbanked populace in the Middle East to safely store their money online and access it in any country. The startup partners with local businesses to operate as human ATMs, and currently serves users in Jordan and Iraq by facilitating quick and affordable money transfers. By using the app, users can digitally transfer money in real-time, request a local cash-out on the app, and use it for online purchases. Once users sign up for the e-wallet, they receive an e-card that allows them to shop online anytime using their AlgoPay balance.
Origin and Founders
Prior to founding AlgoPay, founder and CEO Anna Merzi had started Work Algo, a freelancing platform for refugee talent, which has since partnered with UpWork Social Impact. The graduate from the University of Southern California is passionate about serving emerging markets and democratizing access to income opportunities.
Performance and Trends
AlgoPay has raised a total of $270K in funding over one pre-seed round raised on March 1, 2019. At present, the company is funded by four investors, with Diego Berdakin and Rough Draft Ventures being the latest parties to come on board.
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