A group of local investors joined together on Tuesday to apply for a license from the Financial Regulatory Authority (FRA) to establish the first company to operate in the field of Investment Banking through the use of fintech, which will be called Exits.me.
This represents the first practical application of the recently enacted Fintech Law in Non-Banking Financial Activities.
One of the founding stakeholders is Mohamed Aboul-Naga — a highly respected and esteemed investor in the fintech sector who also holds a seat in several boards of directors in different companies.
The remaining shareholding structure consists of Omar Amer, Founding Partner of Amer Holding Group and Founder of Qastali Real Estate Investment, which is one of the largest real estate investors in Egypt; Omar and Adham Wagdy, Founders of Basita Holding for Financial Investments; in addition to other respective investors in major financial companies and the fintech sector.
Furthermoore, Dreny & Partners has been nominated to act as the legal adviser for this process.
Mohammed Aboul-Naga further stated that this license will deliver a breakthrough in allowing start-ups to sell part of their shares to investors via the platform, in addition to providing the opportunity to emerging investors to invest directly in start-ups or SME companies that they did not have the opportunity to previously invest in.