North Africa

Kashier, an Egyptian fintech start-up, increases seed funding rounds

A seed round of funding has been raised by Egyptian fintech start-up Kashier Payments to help it scale up its go-to-market strategy, expand its team, and launch new products.

Kashier launched its online payment acceptance services last year, established in 2017 by Khaled Raslan, Mohamed Hossam and Mohamed Mohsen, and entered into strategic alliances with two of the leading acquiring banks in Egypt.

The start-up provides companies with a single payment platform that allows them to make and receive payments through a variety of payment methods and channels to and from consumers, suppliers , and partners.

Glint Ventures, with the involvement of a group of strategic investors, is leading Kashier’s undisclosed seed round and will be used to help the company attract more customers and scale up its offering.

Khaled Raslan, Chief Executive Officer ( CEO) of the start-up, said: “Our mission at Kashier is to empower Egyptian companies by facilitating their process of entering the digital economy, which in turn will lead to long-term growth and sustainability of their sector.”

“In addition to the dedication of the Central Bank of Egypt to financial inclusion, the current global pandemic has triggered a significant structural shift in the market towards electronic payments, and Kashier ‘s robust technology is well placed to capture and cope with the increased demand for digital payments. We are thrilled to be joined by our investors who share our vision for a more sustainable and digital economy.

Fintech firms have already disrupted and reshaped the world of financial services, said Tarek Aboualam, managing partner at Glint Ventures.

We are excited about this investment that will resolve Egyptian businesses’ electronic payment needs, improve economic digitisation and help bridge the fintech gap, “he said.”

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