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Codebase Technologies forms joint BaaS venture with eFinance Investment Group

By Delisha Fernandes

November 28, 2023

  • BaaS venture
  • capital investment
  • Codebase Technologies

Codebase TechnologiesCodebase Technologies, a global digital banking technology provider, has announced a strategic joint Banking-as-a-Service (BaaS) venture with Egypt-based eFinance Investment Group, a payment and digital banking tech company, to accelerate the speed of digital banking transformation in the country.

This initiative marks a significant step forward in modernizing and enhancing the region’s financial services landscape. The joint BaaS venture will help financial institutions in Egypt transform by providing them with a full range of digital banking, neobanking, lending, and payment solutions.

Tamer Al Mauge, Managing Director – MENA at Codebase Technologies, stated “We are thrilled to combine eFinance’s industry and market expertise with our extensive global project experience and the digital banking capabilities of Digibanc. BaaS offers both established players and emerging entrepreneurs a rapid route to market for innovation and launch new products. Together, we will introduce a service that will profoundly influence Egypt’s digitization journey.”

Banking as a Service (BaaS) is a model in which banks integrate their digital banking services directly into the products of other non-bank businesses through the use of APIs (Application Programming Interfaces). BaaS platforms, such as the one being launched, will provide tailored financial products that cater to the unique needs of Egypt’s financial institutions, banks, and fintechs, fostering innovation and growth.

These services will be integrated into an efficient, cost-effective deployment model, enabling significant economies of scale and will reduce the total cost of ownership and capital investment in launching new digital customer experience and products. Our Cloud BaaS suite offers an agile core banking system, digital onboarding, instant card issuance and processing, digital mobile wallets, digital Lending, and more.

Ibrahim Sarhan, Chairman of eFinance Investment Group said, In line with Egypt’s vision of transitioning into a cashless society, and its efforts to promote financial inclusion and boost the FinTech industry, we are proud to be an enabler for banks, and fintech startups through our highly advanced, secure infrastructure, digital investments, and partnerships with industry leaders to forge a seamless transition. Our collective collaboration with Codebase Technologies and Visa will offer a BaaS solution that is designed to grant banks, and fintechs a streamlined route to digital initiatives, while ensuring their capacity for sustained product and service innovation.”

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