MenaPay, which aims to become the largest digital finance platform in the Middle East and North Africa (MENA) region, has closed a new funding round.
The investment was led by CoinShares Ventures.
MenaPay is helping consumers purchase digital items like game codes, gift cards, or other digital items, even if they do not have a traditional bank account. Users can transfer money, maki instant payments, buy and sell cryptocurrency, and store and manage various digital assets.
The company’s goal is to become the MENAs first “SuperApp” which provides consumers with finance, entertainment, and social networking in a single app.
MenaPay is available in 18 countries and 400 million people that live in the region.
This deal marks CoinShares first investment into a Turkish FinTech company. One of the reasons the firm has made the investment is the growing FinTech ecosystem in Turkey.
The country’s government recently introduced a e-Money license to help consumers access these types of services.
CoinShares claims there is a massive payments gap in the MENA region as there are no digital payments solutions. There are streamlined transfers between Turkish bank accounts, but there is no digital payments offering for those without a bank account.
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