The Artificial Intelligence (AI) driven fintech startup Cassbana has raised a US$1 million pre-seed funding round as part of its expansion project. The Startup which operates on an artificial intelligence (AI) powered platform to run a behaviour-based credit-scoring system was founded last year. It uses machine learning and AI to offer financial identities for underserved and unbanked consumers, with its technology and data, sourced through an Android app, offering financial institutions and companies the opportunity to create innovative lending and financial support solutions by analysing consumer behaviour patterns.
Cassbana launched its services on a trial basis with one service provider in Cairo in June, but now has more than 20 service providers in Cairo, the Nile Delta, and other cities. The US$1 million pre-seed round was led by VC firm Disruptech, and featured some other fintech funds and angel investors. Cassbana will use the funds to grow its business and expand operations within Egypt. It plans to expand to Upper Egypt this month.
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Haitham Nassar, Cassbana’s founder and chief executive officer (CEO) said that the goal of the startup is to create financial identities for the underserved and unbanked who cannot receive financing options from their suppliers and service providers to scale their small shadow businesses or to pass through a difficult time in their business journey. “Instead of them being assumed to be a high default risk, our financial identities offer them a chance to receive different financing options with a low risk of default,”
Mohamed Okasha, head of the Disruptech Fund, said he was happy to be leading the round adding that “the Egyptian fintech ecosystem is one of the biggest worldwide; our role as a fund is to support fintech companies from the beginning all the way through local and international IPOs,” Okasha said. “We have seen Cassbana’s teamwork ethic first-hand and their growth over the past six months has been massive. Disruptech admires their strategic vision both locally and internationally and this is why we chose to lead the company’s first investment round.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry