Fresh from new round, Egypt’s proptech Nawy plans full-suite offering
Egyptian proptech startup Nawy , which began life in 2016 as an AI-driven property listing has grown to offer brokerage services, supporting the closing of property deals. It is now looking for its next path of growth after connecting 40,000 buyers to sellers last year alone, winning the confidence of the Sawiris family – Egypt’s wealthiest family, who, earlier this month, led a $5 million seed round to support their growth. Nawy is now set to introduce in its catalog a mortgage service for pre-owned property, to serve a market that is predominantly shunned by traditional lenders. The startup’s co-founder and CEO, Mostafa El-Beltagy told TechCrunch that the mortgage financing plan is part of their strategy to introduce new products that are aligned with clients’ needs, ensuring sustainability for their business. The mortgage industry in Egypt is dominated by banks, most of which prefer to support buyers of new property over those seeking pre-owned ones. This leaves a financing gap...