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Boyot for FinTech Receives Kuwaiti Pre-Seed Founding to Provide Better Real Estate Management Solutions

3 months 2 weeks ago

The fintech startup Boyot Property Payment in Egypt, which is incubated by the SAAS Technology Applications Incubator sponsored by Suez Canal Bank within the framework of the Nile Pioneers Initiative, has secured 6-digit funding in a pre-seed financing round led by one of Kuwait's major real estate developers.

Boyot plans to benefit from this funding by expanding and improving its operations and providing better real estate management solutions, as well as opening a full branch in Kuwait at the end of this year 2022.

Founded in 2020, Boyot provides integrated solutions to facilitate the payment of all expenses related to real estate units and manage the relationship between the property management company, developers or owner and the resident or tenant by creating a digital unit profile (DUP) which can be managed financially by collecting all payments (instalments, rent, maintenance fees, invoices) in one platform and mobile application. The solution can be integrated with any type of ERP system as part of support for the Egyptian Government's plans to provide digital module profile and access to global financial inclusion in Egypt.

Boyot is one of the companies sponsored by the Suez Canal Bank's SAAS Technology Applications Incubator. The Bank sponsors the incubator as part of its social responsibility activities to support youth, entrepreneurship and digital transformation that help entrepreneurs, startups in the field of technology applications, transforming them into products that contribute to solving the problems of diverse sectors, have a positive impact on increasing the efficiency of products, increasing them and opening new export markets.

Suez Canal Bank is keen to actively contribute to supporting entrepreneurs, start-ups and SMEs in various fields, by helping them to implement various innovation tools. The Bank's role is not only to assist and develop ideas, but also to develop cooperation with startups to make the most of the banking sector and financial inclusion, and to integrate those companies into the financial and banking system.

The success of Boyot is one of the fruits of the efforts undertaken by Suez Canal Bank to support youth, entrepreneurship and digital transformation in Egypt, within the framework of the State's public policies and initiatives implemented by the Central Bank of Egypt, including the Nile Pioneer Initiative, in which the Suez Canal Bank participates through the programs of business incubators and business development centers.

Suez Canal Bank co-supported the Nile Pioneers Initiative launched by the Central Bank of Egypt in cooperation with the Nile Civil University for five years. Technology Applications Incubator - SAAS sponsored by Suez Canal Bank provides technical, administrative and financial support in the development of software that helps SMEs to transform digitization, technology solutions for local companies, also exporting these solutions abroad. The incubator has succeeded in training more than 150 startups over the past four years. 33 startups were incubated and received financial support amounting to about 4M EGP. Its external investment value was approximately 27M EGP, with sales of approximately 10M EGP.

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