Lebanon’s leading fintech startup, Pinpay, is to receive a $2.5 million investment from Fransabank.
The mobile payment and bill aggregation platform, which was founded in 2011, currently has Bank Audi and Bankmed signed up to the platform so all account holders at these two banks are able to make mobile payments.
According to a report from Businessnews.com.lb, Fransabank will be using Pinpay’s services for their customers and “will stop operating the Simba mobile payment application provided by Viamobile”.
Other shareholders in Pinpay are Bank Audi, Bankmed and the Lebanese investment firm Middle East Venture Partners (MEVP).
The report from Businessnews also stated that other banks would be taken on later in the year, but the names are not yet disclosed. Currently, other Lebanese banks that have their own mobile payment platforms include Byblos Bank’s CMO app and Bank of Beirut’s iMobile.