Angel investors are continuing with their undeterred investments in the Egyptian startup ecosystem. Kashat, a Cairo-based fintech startup which just launched out in 2020, has secured an undisclosed amount of funding from Cairo Angels, a global network of angel investors targeting startup opportunities in Egypt, the Middle East and Africa. Kashat’s expansion will be aided by the investment.
“We are grateful to Cairo Angels for putting their trust and faith in our mission and becoming part of our journey. We are excited to enter the next phase of our growth where we will continue to innovate to deliver solutions that help enhance opportunities for our users to be included in the wider financial system of Egypt,” stated Sumair Farooqui, Founder of Kashat.
Why The Investors Invested
“We are pleased to have closed this investment round, which is the largest investment in Cairo Angels’ history. Kashat has been recognized as one of the top Fintech players, having launched a unique product that caters to the Egyptian market’s needs. We are confident in the Kashat team’s ability to succeed in the Egyptian market and beyond,” said Aly El Shalakany, Chairman of the Cairo Angels.
Cairo Angels, which is a group of angel investors recently launched a new $3 million micro fund to invest in early stage startups’ seed and pre-Series A in the Middle East and Africa region, with a major focus on Egypt and Saudi Arabia. One of the leading and oldest angel networks of the region, Cairo Angels has been actively investing in Egyptian startups.
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The size of the fund is quite small and so would, probably, only assist startups close their rounds.
Around two-thirds of Egypt’s population is unbanked, a portion to which Kashat caters.
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A Look At What The Startup Does
Kashat, the first Nano lending mobile application in Egypt, was created by Sumair Farooqui and Karim Nour and offers short-term loans ranging from 200 EGP to 1500 EGP with a repayment plan of up to 61 days.
Kashat funding Kashat funding
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer