Axis obtaining CBE’s license for its open-loop mobile wallet

CAIRO - 17 May 2023: The digital payments platform for small businesses, axis, launched its services in partnership with Visa. This is after the platform obtained a license from the Central Bank of Egypt (CBE) for its open-loop mobile wallet.

Almost 18 months ago, the startup raised $8.25 million in a seed investment round co-led by Tiger Global, Sawari Ventures and Raba. The round also witnessed participation from Firstminute Capital and RaliCap, Rho Banking and Cred, TechCrunch reported.

“Axis want to contribute to the government’s financial inclusion strategy by providing small businesses with a digital banking alternative to manage and grow their business. We are starting by digitizing payroll onto our CBE-approved mobile wallet, but we aim to become a one-stop digital banking platform for all small business needs including payments, acceptance, and lending,” Jacques Marco, axis Founder & CEO, said.

The payments platform digitizes payroll and has the goal of helping up to 8 million small & micro businesses send salaries to their 20 million employees and contractors instantly onto the axisPay mobile wallet.