Morni, a Saudi Arabia-based mobility solutions platform, has invested in Helpoo, an Egyptian counterpart that offers a range of road assistance and car insurance services. The investment amount has not been disclosed and the deal was facilitated by Exits.me, a prominent investment services provider in the fintech sector in Egypt and the Middle East. Helpoo is licensed by the Financial Regulatory Authority (FRA) and was founded in 2022.
According to Shehail Alshehail, Managing Director of Morni, the investment in the Egyptian roadside assistance industry will have far-reaching and positive implications. The investment will attract foreign capital and expertise, create jobs and boost economic activity, spur technological advancements and innovation and drive potential economic benefits. The investment will also strengthen Helpoo’s market footprint, expand its operations and generate revenue streams through new product line extensions.
Morni Holding, which has served over 1.2 million customers since launching in 2015, offers a range of products, including an electronic auction platform, the first third-party administrator of motor claims licensed by the Saudi Central Bank and the first end-of-vehicle life facility in the MENA region aimed at environmentally friendly disposal of vehicles with zero waste.