The Fintech giant and microloan service solution provider from Egypt Kashat has managed to successfully raise about $1.75M in the latest funding round and it was announced today. The Bridge round was participated by several regional investors. The round was led by Pan-African fund Launch Africa and they’re known for having mandating to back companies to help them against the most challenging occasions on the continent. The funding round was joined by several key regional investors including Cairo Angels who were also their previous investors as well.
Kashat was founded back in 2019 and they’ve been providing their positive impact on financial inclusions in Egypt ever since their foundation. They’ve also been providing accessible seamless and productive financial services from being Arabic-speaking world at large. They also provide nano financial services that are presently in the form of small loans for the underbanked and unbanked demographics via their most UI-friendly mobile platform all across Egypt and that’s not all.
FinTech ranked the highest in the volume of transactions in MENA over the month of August and it was all possible with a 20% YoY growth in the number of transactions closed. And not only that but also with an 8-deal difference from its successor E-Commerce, and it is driven by a highly active deal flow. Along with that, Tabby’s unprecedented $50M Series B fundraise from global investors including Global Founders Capital, STV, and Mubalada Ventures, FinTech startups in MENA raised 41% of all funds last month which makes it one of the most productive months yet in this year in the MENA region.
The entire FinTech sector across the MENA region is growing rapidly over the years and it has a lot of contribution from a lot of notable mentions. With several startups doing their best to provide the growth of the digital economy. Kashat’s operations play a very unique role in the FinTech industries of Egypt compared to the larger Egyptian market where startups like PayMob and MoneyFellows are at the top of the chain. Kashat’s mission is to promote financial inclusion across the region and that’s not all. They’ve been providing micro-loans and nano-financial services across Egypt’s unbanked sector for quite some time and they were successful at more than 70% of the population from constituting by tapping into the market.
Managing Partner Launch Africa Ventures Zachariah George highlighted “With the growth in customer purchasing power, increased financial inclusion and democratized 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.”
