Copal, an Egypt-based financial technology (fintech) firm, recently entered a partnership with US-based payment processing corporation Mastercard to launch an app that helps families in Egypt to make payments and otherwise manage their finances. Plans for the app include allowing adult family members to manage the platform, such as by setting spending limits and tracking their children’s expenses. Copal’s services include Mastercard-branded prepaid payment cards, which are available for adults and children under the age of 16, with associated “gamification features and personal financial assistan[ce] tailored for each junior and family.”
The Co-founder and CEO of Copal, Ahmed Refaat, commented, “Copal’s vision is to fill the gap for the un- and under-banked through introducing a product that is tailored specifically… for their every need.”
Copal was established in 2022 with funding from Egypt-based venture capital firm Flat6Labs. The firm plans to “fully onboard” across Egypt and then expand elsewhere in Africa.
Headquartered in the US state of New York, Mastercard connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. For the quarter ending December 2022, the firm reported net revenue of USD 5.8 billion on total assets of USD 39 billion.
By Vaughn Rajah, Research Associate
Sources and Additional Resources
Disrupt Africa article
https://disrupt-africa.com/2023/02/27/egyptian-fintech-startup-copal-partners-mastercard-to-launch-family-payments-mobile-app
Copal homepage
https://co-pal.com
Mastercard homepage
https://www.mastercard.com
Flat6Labs homepage
https://www.flat6labs.com
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