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Catalyst Partners ME acquires Qardy for USD 23 million in SPAC deal

Monday 26 May 2025 10:33 CET | News

Catalyst Partners Middle East (CPME) has acquired online aggregator marketplace Quardy in a SPAC merger valued at USD 23.15 million.

The acquisition marks Qardy as one of the first fintech startups in Egypt to go public through a SPAC structure. This transaction involves a full or partial share swap, with new shares in Catalyst issued in exchange for the entirety of Qardy’s equity. 

Qardy acquired by Catalyst Partners ME in SPAC agreement

Qardy operates as an online aggregator, connecting micro, small, and medium-sized enterprises (MSMEs) with financial institutions as well as leasing, factoring, and microfinance companies to offer tailored financial programmes. As per company data, Qardy has approximately 6.000 corporate clients on its platform and has executed over USD 12 million in loan transactions.  

According to Qardy’s officials, in addition to facilitating loans for MSMEs, the company aims to reduce the waiting time to obtain a loan from nine months to approximately 18 days, optimising the process for MSMEs. 

The current news follows the one from August 2024, when the startup secured a USD seven-figure pre-seed funding to further optimise its platform capabilities. With the participation of several investors, including White Field Ventures, Vastly Valuable Ventures, and other angel investors, the funding round was set to allow Qardy to improve its platform, expand its product offering, and grow its reach within the MSME sector across Egypt and the MENA region.

MSMEs lending in Egypt

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) announced that in 2024, it disbursed loans totalling approximately USD 106.27 million to 76.200 MSMEs, reporting a 27.5% year-on-year (YoY) increase. This substantial financial injection has stimulated economic activity and created and sustained 257.900 job opportunities, contributing to social and economic development. In addition to limited access to finance, which poses a significant obstacle for MSMEs in Egypt, another challenge for owners is their insufficient knowledge of financial management practices. Therefore, the agency has provided entrepreneurship training to 9.251 individuals, assisting them in starting and growing their businesses. 


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Keywords: acquisition, MSME, funding, financial solutions, financial services
Categories: Banking & Fintech
Companies: Catalyst Partners, Qardy
Countries: Egypt
This article is part of category

Banking & Fintech

Catalyst Partners

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Qardy

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