eNovate
eNovate is an Egypt-based, eFinance Investment Group subsidiary providing scheme-agnostic digital payment infrastructure including Card-as-a-Service, digital onboarding, fraud management, fintech enablement, and smart-city solutions to banks, fintechs, governments, and enterprises across MENA.
- Company typePrivate
- Founded2009
- HeadquartersCairo, Egypt
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What eNovate does
eNovate (formerly eCards) is an Egypt-headquartered digital payment infrastructure provider and a subsidiary of eFinance Investment Group, operating from Smart Village, Giza with 87 employees. The company offers a scheme-agnostic, end-to-end payment ecosystem spanning card production and personalization, card management and processing, digital onboarding and AML, 3D Secure, hardware security module (HSM) services, digital merchant platform (DMP), and AI-assisted risk and fraud management, all exposed through 30+ APIs with a sandbox environment. It has issued over 55 million cards and processes millions of daily transactions across major schemes.
Its commercial offering is organized around four pillars: Card-as-a-Service (CaaS), Digital Payment Solutions (white-label wallet, 3D Secure, digital onboarding/AML, risk and fraud, DMP, HSM), Fintech-as-a-Service (FAAS) for bank-fintech onboarding, and specialized services including Rize youth banking and Smart City (smart parking and smart taxi). Revenue is generated through recurring subscriptions, transaction-based fees, and licensing under multi-year B2B contracts, sold via direct enterprise sales and channel partnerships. The customer base spans Egyptian banks (Bank Misr, Arab Bank, Premium Card), global payment networks (Mastercard, Visa), fintechs (NymCard, Nexta, BelBaqy, FOO), government social programs (Takaful and Karama, Farmer's Card, Egyptian Pension Cards), and emerging transportation and real estate clients (Zed's, Tafweela, Emtlak).
eNovate's competitive positioning rests on regulatory accreditation (ISO 27001, PCI-DSS, PCI-CP, PCI-PIN, plus Central Bank of Egypt and Financial Regulatory Authority approvals), scheme-agnostic architecture, and strategic distribution partnerships with Mastercard, Visa, and Network International supporting MENA expansion. The rebrand from eCards to eNovate in 2020 marked a strategic pivot from a card-issuance-only vendor to a broader digital payment enabler, with product diversification continuing through 2024-2025 partnerships and product launches.
eNovate firmographics
Firmographics- Name
- eNovate
- Legal name
- eNovate
- Website
- https://enovate.com.eg
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- eNovate is an Egypt-based, eFinance Investment Group subsidiary providing scheme-agnostic digital payment infrastructure including Card-as-a-Service, digital onboarding, fraud management, fintech enablement, and smart-city solutions to banks, fintechs, governments, and enterprises across MENA.
- Ownership category
- akta.pro rank
eNovate industry classification
Industry- Product category
- Digital Payments Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Custom Computer Programming Services (541511), Activities Related to Credit Intermediation (5223)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370), Services-Prepackaged Software (7372), Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Embedded Card Issuing & Card-as-a-Service (FSAGALAC)
- akta.pro secondary industries
- Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Identity, Fraud & Insurance-Specific RegTech Platforms (FSAGAGAJ)
Keywords
Where eNovate is headquartered
LocationHeadquarters
- HQ city
- Cairo
- HQ country
- Egypt
- HQ region
- Africa
Offices1 record
Markets served
eNovate business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Supply Chain
Revenue model
- Card-as-a-Service (CaaS): Comprehensive card production, management, and certified third-party processing. Enables rapid deployment of card products through APIs, offering card issuance, personalization, management, and processing services to banks, fintechs, and non-financial institutions.
- Youth Banking as a Service (Rize): Customizable multifunctional card coupled with digital banking mobile application for youth in closed gated communities. Provides end-to-end solution with seamless integration for financial empowerment.
- Fintech as a Service (FAAS): Platform enabling banks and fintechs to onboard new fintechs and access payment services. Revenue generated through platform usage and service fees for fintech onboarding and payment services.
- Smart City as a Service: Urban mobility and efficiency solutions including Smart Parking and Smart Taxi modules. Revenue from IoT infrastructure, platform fees, and transaction processing.
- Digital Payment Solutions: White label wallet applications, 3D Secure authentication, digital onboarding, fraud management, and HSM services offered to clients requiring digital payment infrastructure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Multi-year contract | Card-as-a-Service tiered by volume and features |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels4 records
eNovate product offering
Product offeringCore offering
eNovate is a B2B digital payment enabler that delivers a comprehensive Card-as-a-Service (CaaS) platform covering card production, personalization, management, and transaction processing across multiple payment schemes. It complements this with Digital Payment Solutions including white-label mobile wallets, 3D Secure authentication, digital onboarding/AML, AI-driven fraud management, a Digital Merchant Platform, and Hardware Security Module services. Specialized service lines include Youth Banking as a Service (Rize), Fintech as a Service (FAAS), and Smart City as a Service (IoT-enabled parking and taxi solutions), all exposed through 30+ APIs for enterprise clients.
Product overview
eNovate operates as a comprehensive digital payment ecosystem offering multiple integrated product lines. The core platform is Card As A Service (CaaS), providing end-to-end card production, personalization, and management. This is complemented by Digital Payment Solutions featuring White Label Wallet, 3D Secure, Digital Onboarding/AML, Risk and Fraud Management, Digital Merchant Platform, and Hardware Security Module. The company also offers three specialized services: Youth Banking as a Service (Rize), Fintech as a Service (FAAS), and Smart City as a Service. All solutions are supported by over 30 APIs enabling integration across mobile applications, internet banking, IVR systems, and kiosks.
Differentiator
Problem solved
Functional benefit
Brands
- Rize: Youth Banking as a Service solution - a scheme-agnostic youth banking solution fostering financial empowerment among young individuals through budgeting, saving, and responsible spending tools, with customizable multifunctional cards and digital banking mobile application for youth in closed gated communities across Egypt and MENA region
- Card as a Service (CaaS)
- Fintech as a Service (FAAS)
- Smart City as a Service
Products and services
- Card As A Service (CaaS) Comprehensive card production, management, and certified third-party processing platform enabling rapid deployment of card products through APIs with tailored offerings to reduce time-to-market for banks, fintechs, and non-financial institutions.
- Digital Payment Solutions Custom API-based digital payment platform providing financial services for fintechs, banks, and businesses with over 30 APIs for card-related operations and integration with mobile apps, internet banking, IVR, and kiosks.
- Youth Banking as a Service (Rize) Scheme-agnostic youth banking solution providing customizable multifunctional cards and digital banking mobile application for closed gated communities, promoting financial literacy and wellness among young users.
- Fintech as a Service (FAAS) Platform equipping banks and fintech enablers with tools for onboarding fintechs and enabling payment services including Cards as a Service, Digital Onboarding, Stored Value Accounts, Virtual Card Issuance, and White Label Wallet Applications.
- Smart City as a Service Urban mobility solutions including Smart Parking (IoT-enabled with smart readers, cameras, sensors, and mobile app for reservations and payments) and Smart Taxi (driver registration, passenger booking, wallet/card/cash payments, and ride tracking).
- Cards Supply & Personalization Fully automated card center offering personalization technologies including EMV card embedding, laser engraving, thermal printing, embossing, indenting, and mailing/fulfillment services for banks and fintechs.
- Cards Management & Processing End-to-end payment processing for debit, credit, and prepaid cards supporting card issuing, activation, PIN management, transaction processing, and notifications across multiple payment schemes.
Quantifiable outcome
- 55+ million cards issued across all payment schemes
- +3 more outcomes
Companies that use eNovate
Customer profileNamed customers17 records
Segments6 records
Ideal customer profiles5 records
eNovate technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
AI capability2 records
Feature11 records
eNovate partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered minor, major and core.
- AxisminorMoU for prepaid card management services integrated with mobile applications.
- EmtlakminorMoU to deliver financial digital transformation through mobile platform for real estate services.
- TafweelaminorMoU for fleet-payment solutions strengthening shared vision for smarter, more seamless fleet-payment solutions across Egypt.
- FOOmajorPartnership to launch Rize - Egypt's first university-focused mobile app with integrated mobile ID and financial platform for seamless student services.
- VisacoreCollaboration with Visa and Arab Bank to launch Rize - Egypt's first banking product tailored for university students. Marks nationwide shift toward youth-focused digital banking.
- Zed'smajorStrategic contract to power driver ecosystem with White Label mobile app and prepaid card issuance for transportation services.
- NymCardcoreStrategic partnership integrating NymCard's comprehensive payment solutions with eNovate's advanced card production and personalization capabilities. Creates one-stop solution for payment card lifecycle across MENA region.
- BelBaqymajorStrategic partnership to drive innovation in digital financial solutions. BelBaqy's micro-investment platform integrated with eNovate's infrastructure enables users to save spare change and access diverse investment opportunities.
- MastercardcoreMastercard collaborates with eNovate to bring Card-as-a-Service (CaaS) solution to Egyptian market. The collaboration provides banks, non-financial institutions, and fintechs with comprehensive suite of digital payments services including prepaid card integration and customizable white-label wallet solutions.
- Network InternationalcoreStrategic cooperation agreement for regional expansion in production, personalization, and processing of smart financial cards. Aims to achieve full integration in smart card services for clients within and outside Egyptian market.
- Arab BankcoreStrategic cooperation agreement focused on business development, marketing efforts, and technology integration. Arab Bank provides banking identification number sponsorship for prepaid card issuance as accredited MasterCard/Visa member.
- Sharm El Sheikh GovernoratemajorDiscussions with Governor Khaled Fouda for launching first phase of Smart City Solutions system including Smart Parking and Smart Taxi modules.
- Bank MisrcorePartnership to launch Nexta electronic payment application with prepaid Visa cards issued by Bank Misr nationwide. Agreement involves eFinance, Visa, and eNovate.
- Premium CardmajorCooperation agreement for card issuance, operation, and management of Premium Card products. eNovate provides mobile application, KYC verification, 3D Secure service, real-time fraud management, and settlement/reconciliation services.
- Monak e-ServicesminorMoU with digital platform designed to simplify life for employees through prepaid card management services.
- NextacoreDigital banking application partner for Bank Misr's Nexta app offering convenient banking experience based on latest technological advancements.
- eFinance Investment GroupcoreeNovate is a subsidiary of eFinance Investment Group for Financial and Digital Investments. Formerly known as eCards, the company benefits from parent company's digital finance expertise and market position.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
eNovate competitors and assessment
Company assessmentDirect peers
- NymCard: MENA-focused card issuance and processing platform; explicit partnership with eNovate and overlaps on CaaS, card production, and processing for fintechs and banks across the region.
- Paymob: Egyptian fintech enabler providing payment acceptance, digital onboarding, and developer APIs to merchants and fintechs; competes for the same fintech-BaaS wallet in Egypt.
- Telr: UAE-based payment gateway and digital commerce platform; comparable B2B offering for merchants and fintechs across MENA with overlapping payment processing and developer API focus.
- Network International: Leading MENA payment processor with card production, personalization, and processing capabilities; signed strategic cooperation agreement with eNovate for regional expansion.
- Cequens: MENA communications and digital payments platform offering messaging, SMS, and payment APIs; overlapping MENA client base and developer-first GTM motion.
- HyperPay: Saudi Arabia-based payment service provider offering merchant acquiring, payment gateways, and digital wallet infrastructure; competes for MENA bank and fintech BaaS contracts.
Broad incumbents
- Marqeta: Global leader in card-issuing platform-as-a-service; competes conceptually with eNovate's CaaS for cross-border fintech clients, though focused on US/Europe.
- Stripe Issuing: Global fintech platform with embedded card issuing APIs; represents the direct-scheme-style competition that could pressure eNovate's CaaS layer for international fintech clients.
- Mastercard (Issuing & Fintech Express): Global card network; partnered with eNovate for CaaS in Egypt but also runs direct fintech and issuing programs that compete for the same wallet share.
- Visa (Issuing Solutions / Visa Direct): Global card network; partners with eNovate today but also offers direct issuing APIs and BaaS products that could disintermediate partner-led CaaS layers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
eNovate social profiles
Digital presenceeNovate compliance and trust
Trust signalCompliance4 records
eNovate financial estimates
Financial estimateRevenue estimate
Valuation estimate
eNovate leadership team
Management profileNumber of profiles
Profiles3 records
eNovate funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
eNovate M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about eNovate
What does eNovate do?
eNovate is a B2B digital payment enabler that delivers a comprehensive Card-as-a-Service (CaaS) platform covering card production, personalization, management, and transaction processing across multiple payment schemes. It complements this with Digital Payment Solutions including white-label mobile wallets, 3D Secure authentication, digital onboarding/AML, AI-driven fraud management, a Digital Merchant Platform, and Hardware Security Module services. Specialized service lines include Youth Banking as a Service (Rize), Fintech as a Service (FAAS), and Smart City as a Service (IoT-enabled parking and taxi solutions), all exposed through 30+ APIs for enterprise clients.
Is eNovate a public or private company?
eNovate is a private company. It is classified as corporate owned and is currently operating.
When was eNovate founded?
eNovate was founded in 2009. It employs 51 to 100 people.
Where is eNovate based?
eNovate is headquartered in Cairo, Egypt, in the Africa region.
How does eNovate make money?
Five revenue lines are on record. Card-as-a-Service (CaaS) is the primary driver. The others are youth Banking as a Service (Rize), fintech as a Service (FAAS), smart City as a Service and digital Payment Solutions.
Who are eNovate's main competitors?
Direct peers on record are NymCard, Paymob, Telr, Network International, Cequens and HyperPay. Broad incumbents are Marqeta, Stripe Issuing, Mastercard (Issuing & Fintech Express) and Visa (Issuing Solutions / Visa Direct).
Does eNovate have an API?
Yes. eNovate provides over 30 APIs enabling developers to perform card-related operations including activation, balance inquiries, and transaction processing. The platform offers an advanced API Sandbox environment for testing and seamless integration. APIs support integration with mobile applications, internet banking, IVR systems, and kiosks.
What industry is eNovate in?
eNovate's product category is Digital Payments Infrastructure. Its primary akta.pro industry code is FSAGALAC, Embedded Card Issuing & Card-as-a-Service, with a secondary code of FSAGALAB, Embedded Payments (Pay-ins, Pay-outs, Wallets). Its NAICS code is 522320 and its SIC code is 7370.