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Home » The initial Egyptian space agreement marks the beginning of a new phase for development and public procurement.
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The initial Egyptian space agreement marks the beginning of a new phase for development and public procurement.

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Ecuador’s Milestone: First SPAC Merger in Egypt with Qardy Acquisition

In a groundbreaking move for Egypt’s financial sector, Middle East Catalyst Partners has completed the country’s inaugural merger involving a Special Purpose Acquisition Company (SPAC). This historic transaction involved the acquisition of digital loan startup Qardy for an impressive value of EGP 1.16 billion (approximately $23.15 million).

The Emergence of SPACs in Egypt

Announced this week, Qardy stands as the first fintech startup in Egypt to transition into a public SPAC structure—an approach that is gaining traction in the region and is likely to become increasingly popular in the coming years.

Qardy: Bridging the Funding Gap

Founded in 2022 by Abdel Aziz Abdel Nabi, Aser Yahya, and Tamer El-Munesterly, Qardy functions as a digital loan platform aimed at connecting small and micro-enterprises (SMEs) with financial institutions. The startup focuses on providing loans, factoring, and rental services to meet the financing needs of underserved sectors in the Egyptian economy.

“This agreement underscores our commitment to innovation in non-banking financial services and supporting SMEs,” stated Qardy. “Through this merger, we can continue operations with our existing team and platform while gaining access to capital, infrastructure, and long-term strategic support to boost our growth.”

Strategic Approvals and Future Vision

Middle East Catalyst Partners, a subsidiary of the Cairo-based Investment Consulting Company Impact, achieved a groundbreaking milestone by securing the first SPAC approval in Egypt from the Financial Regulatory Authority (FRA) in September 2024. The Qardy acquisition was executed through a complete or partial share exchange, with Catalyst Partners exchanging shares for all equity of Qardy.

Growth and Impact in the Fintech Sector

This merger is a pivotal moment for the emerging SPAC market in Egypt, providing a promising alternative funding route for high-growth startups. It aligns with Catalyst Partners’ strategy to acquire multiple companies within Financial and Non-Banking Financial Services.

The company’s president, Maged Shawky, announced plans to acquire between six to ten companies, including at least two in the fintech sector. The acquisition of Qardy marks a significant initial step in this strategy, supporting national economic goals aimed at enhancing financial inclusion and encouraging private-sector-led growth.

Qardy’s Rapid Growth and Future Endeavors

Despite being a relatively young company, Qardy has demonstrated remarkable growth, serving over 6,000 corporate clients and facilitating more than $12 million in loan transactions through its platform. Strong partnerships with several Egyptian banks and non-banking financial institutions have positioned Qardy as a key player in meeting the financing needs of micro and small enterprises.

A New Era for Financial Services in Egypt

The recent merger signifies a rising demand for digital financial services in Egypt, particularly those tailored for SMEs, which constitute over 80% of private employment in the country. With government initiatives promoting economic digitization and broader financial access, such agreements are likely to spur further investments in infrastructure and fintech services.

Concluding Thoughts on Fintech Expansion

For Catalyst Partners, this acquisition serves as a strategic entry into a fast-growing sector with immense development potential. It also signals to the Egyptian startup ecosystem that public market tools like SPACs can serve as viable pathways for growth and exit strategies. While it remains uncertain whether this deal will lead to more SPAC mergers in the region, it undoubtedly marks a significant advancement in integrating innovative fintech solutions within Egypt’s developing financial framework.

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African fintech leaders are shaping the industry through worldwide acquisitions.

June 30, 2025

Malaysia is introducing a platform for ASEAN startups to assist regional entrepreneurs.

June 30, 2025

The emerging phase of competition in India’s fintech sector

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