Ultratech Plus, experimentally launched in 2022, will develop technology-driven financial solutions to enhance business accessibility and efficiency, improve user experience across multiple industries, and empower individuals to manage their daily finances better.
Social fintech is a recently developed but fast-evolving industry that uses financial technology to make a positive social impact. While social fintech is also new in Egypt, the country’s fintech market is projected to grow by over 300 percent, according to the latest Central Bank of Egypt (CBE) report.
In its initial phase, Ultratech Plus is set to introduce three core services tailored to market needs. The company is developing a social financial app designed for diverse user demographics, blending financial technology with social connectivity to enhance engagement and user experience. Additionally, it will provide specialized digital tools for small, medium, and micro enterprises (MSMEs) to streamline financial operations and foster stronger relationships between businesses and their clients. Furthermore, Ultratech Plus will introduce financial solutions for the logistics and heavy transport industries, helping companies with large vehicle fleets optimize operations and manage resources.
"Our goal is to introduce game-changing digital solutions that connect financial services with social interactions,” stated Ultratech Plus co-founder and CEO Youssef Fekry. “We’ve developed a growth strategy that starts in Egypt and expands to regional and international markets. Our vision is to make a significant impact in this rapidly growing sector.”
Meanwhile, Concrete Plus Group chairman Tarek Youssef explained that the investment aligns with the company’s long-term vision to support digital transformation and financial inclusion.
"Our investment in social fintech reflects our strategy of diversifying into high-growth sectors,” Youssef said. “We are confident in the Ultratech Plus team and are committed to providing the necessary resources to establish a strong presence in this exciting and dynamic industry.”
Youssef added that the initial EGP 100 million investment will contribute to Egypt’s rapidly expanding fintech ecosystem and support the nation’s Vision 2030 goals for digital transformation and economic sustainability.
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