Boyot, a startup located in Egypt that provides an end-to-end operating system for payments and financial services focusing solely on the real estate industry, has raised a six-figure pre-Seed round lead by a Kuwait-based real estate firm.

The startup plans to use the fresh money to increase its client base, hire across tech and business, and invest in product technology.

Later this year, the business plans to build an office in Kuwait.

A Look At What The Startup Does

Boyot, founded in 2020 by Mahmoud El Sabongy (CEO), Khaled El Refaay (CTO), and Mohamed Sayed, enables real estate enterprises to digitise their complete payment operations, allowing them to trace the status of their customer payment from the moment it is planned until the moment it is settled. Furthermore, businesses can use current application programming interfaces (APIs) to create and market financial solutions such as buy now, pay later (BNPL).

Read also Stanbic Bank Backs African Fintech Startup MFS Africa In New $100M Funding Round

“Poor cash flow management is one of the key challenges hurdling the growth of small and medium-sized businesses (SMBs) operating in the local real estate market in Egypt. About 85 per cent of merchants don’t get their receivables through cheques. Instead, they either send out agents to perform cash transactions or get the payment through a bank transfer. Irregular cash collection methods ultimately translate into lower margins. As merchants scale, the payment collection process becomes more and more complicated and far from straightforward, leaving businesses struggling with inconsistent gains,” says ElSabongy.

In May, the startup formally began commercial operations. Shortly after, it signed its first corporate client, Misr Asset Management Company, the real estate arm of Misr Insurance Company.

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