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Egyptian Fintech Startup Kashat Raises $1.75m Bridge Funding Round

September 13, 2021

Kashat, an Egypt-based fintech and microloan solutions provider, has raised $1.75 million in its newest round of funding. The Bridge round was led by Pan-African fund Launch Africa, whose goal is to assist firms that address the continent’s most pressing issues, and included several prominent regional investors, including prior investment Cairo Angels.

*Managing Partner Launch Africa Ventures Zachariah George*

The Egypt-based fintech intends to use the fresh money to sustain and grow its platform, as well as expand its operations.

“With the growth in customer purchasing power, increased financial inclusion and democratised access to a broader array of goods and services, consumers across Egypt are desperate for a timeous, efficient, digital-friendly and affordable lending solution. Kashat is making broad, bold strides towards this goal and we are proud to be backing them on this journey,” said Managing Partner Launch Africa Ventures Zachariah George.

Egypt’s fintech landscape is thriving, with entrepreneurs contributing to the digital economy’s growth through frictionless financial solutions. While fintech startups in Egypt such as PayMob and MoneyFellows focus on the greater Egyptian market, Kashat’s operations cater to a specific population as part of their objective to promote financial inclusion in Egypt.

Kashat is getting into Egypt’s unbanked sector by providing microloans and nano-financial services to a market that accounts for more than 70% of the population.

A Look At What Kashat Does

Kashat was founded in 2019 with the goal of improving financial inclusion in Egypt and the Arabic-speaking world by providing accessible, seamless, and productive financial services. Kashat provides nano financial services in the form of small loans to Egypt’s unbanked and underbanked demographics through its user-friendly mobile platform.

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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

Egyptian Fintech Startup, Kashat, Secures Funding From Cairo Angels

April 26, 2021

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.

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.

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.

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