Berytech, Lebanon’s business development organization, just made a $5 million equity investment into financial software firm Capital Banking Solutions. This decision comes as part of Berytech’s continuous interest and support amongst regional investors towards the FinTech sector.
Capital Banking Solutions is an SME that provides software for retail, corporate, and private banks in the MENA region, Europe, Africa. It is headquartered in New York with offices in Beirut and Dubai. According to Capital Banking Solutions, their clients include Lebanon’s Bank Audi, Al-Khaliji Bank in the UAE and the Bank of Africa.
The organization tweeted that the investment into Capital Banking Solutions is so far the largest amount of funding given out by the Berytech Fund II – the fund that focuses on startups and SMEs. Not only that, but they also provide other services to entrepreneurs to help them grow and scale up, such as incubation programs, training workshops, and office space.