CreditFins, a Cairo-based credit card management platform and fintech firm, has raised an undisclosed sum in a Pre-Seed funding round headed by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with technical and investment backgrounds. Egypt saw a 10 percent increase in early-stage investments (ticket sizes less than $500,000) in H1 2021 compared to the same period the previous year.
“Credit card debt is a moving target that’s hard to settle. At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated,” Co-founder and CEO, Sherif Radi said.
Why The Investors Invested
“CreditFins stood out amongst their cohort because of clear strength in the team. The diversity in their experience, and their resourceful approach to addressing the problem they have identified, was apparent to investors. We look forward to witnessing the growth and pivots they will go through in their mission to empower their user base through enhanced financial tools,” Mariam Kamal, Manager of AUC Angels said.
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“Credit Fins has developed a cutting-edge financial technology solution to alleviate bank customers’ financial struggles, kicking off in Egypt and expanding to new markets. Add to that their solid founding team who continue to grow their business, is a sure recipe for success. Flat6labs is proud to be part of their success journey,” Albert Malaty, Managing Director of Flat6Labs Cairo Seed Programme said.
A Look At What The Startup Does
CreditFins is a credit card management software founded in 2020 by Sherif Radi, Gamal Eldin Sadek, and Norhan El Sakkout that lets customers track and settle credit card debt in reduced monthly instalments, saving up to 20–50 percent in interest.
CreditFins is on a goal to give its consumers financial freedom, with total outstanding credit card debt in Egypt over $2 billion as of 2019.
CreditFins recognizes that sliding into a vicious debt cycle is caused by a lack of information and awareness, a gap that the firm aims to remedy. The platform’s usefulness, however, stems from CreditFins’ customer-centric strategy.
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The company is working hard to introduce the “CreditFins Alpha” card, which will add more functionality to its credit card management platform in order to appeal to a broader consumer base. A founding team with vast experience in innovation and product development, which was a crucial appeal for investors, lies at the heart of their success.
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