FlexPay, a Kenyan fintech startup, has raised investment from the Cairo Angels Syndicate Fund, a micro venture capital fund that invests in early-stage startups in the Middle East and Africa, in order to accelerate its growth and assist more individuals in avoiding debt.
“We are thrilled to have Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving, we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap,” said Richard Machomba, founder and CEO of FlexPay.
Why The Investor Invested
“Richard and Johnson are two stellar founders who have built an amazing fintech platform that flips BNPL on its head by harnessing the power of saving and digitizing the deep rooted culture of “layaway”. We will be supporting FlexPay with their regional expansion plans in other key Africa markets, including Nigeria and Egypt,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.
Cairo Angels was Egypt’s first organized network of angel investors when it launched, and it has since become one of the most active early-stage investors in startups and high-growth firms in the Middle East and Africa, with 31 investee companies across 18 industries.
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Its syndicate fund is a tiny venture capital fund that invests in pre-Series A and post-seed firms in Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa.
Cairo Angels’ first investment in Africa outside of Egypt is FlexPay.
A Look At What The Startup Does
FlexPay is an online and offline payment platform that enables merchants in Africa to provide their consumers interest-free targeted savings. Merchants use FlexPay to provide their consumers the option of how and when to pay for high-value goods and services.
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Shoppers can stretch the expense over time, giving them more freedom and spending power. Merchants can implement FlexPay as an online checkout option or offer offline in-store flexibility.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh