Raseedi, an Egyptian fintech, has secured $850,000 in a pre-series A round led by European investment Samurai Incubate, with support from current investors 500 Global, EFG-EV, and Falak Startups.
Raseedi is a voice-over-internet protocol (VOIP) app that aids users make inexpensive calls and provides data-driven savings advice.
It was founded in 2018 by Ahmed Attala and Samuel Samy. The mobile app receives over 10 million monthly visits, and its dialer software is used to make calls.
Raseedi is attempting a novel strategy to bring millions of underbanked Egyptians into the fintech industry.
The App’s access point was assisting users to make inexpensive calls and giving them data-driven saving advice in a category where community and savings are important.
It’s not difficult to introduce clients to payments and trouble-free advance credit with an average of 120 visits per person month for the general consumer and over 1,000 visits per user per month for the top users.
With purely organic App communication and increasing sales, payment volume increased by 5 times in just one month, and about 5,000 advance credit amounts were given out on the scene in just a few months, all based on a smart internal rating system based on the obtained telecom data.
After three years since the debut of their app, Ahmed Atalla, co-founder and CEO of Raseedi, stated that “Raseedi has always focused on the public, bringing them a better means to connect at a lower cost.”
As a result, once an app becomes a user’s daily trusted dialer, it becomes much more; it becomes their trusted network or circle for connecting with their community of contacts, friends, and family.
Users can today call for less money, pay telecom/utility bills, and take advance telecom credit, but think if, in the future, users could talk for FREE within this community, pay peers/contacts, borrow from peers, or even be guaranteed cash loans by members of their community. Stay tuned because it could happen sooner rather than later.
In a response, Samurai Incubate emphasized its strong belief that Raseedi’s unique strategy to offer the software to Egypt’s unbanked will not only make it easier and more economical for them to use their phones but will also open the door to credit.
The firm is headed by three expert founders who are passionate about solving the problem areas of existing telco services and have already assembled a talented team to carry out their mission.
As a result, Samurai Incubate is excited to join them on their mission to enhance African people’s internet access.
Samuel Samy, Raseedi’s co-founder, COO, and head of product, commented on the investment, saying that the company has always been a lean tech startup, spending only on people and technology and never on assets or operations, which is why the company’s goal is to create a daily product that is completely reliant on technology and has no reliance on any on-the-ground operations.
Everything is done through an app, from communication to payments to receiving quick advance credit. The company has been doing well, with 13,000 4.3-star ratings on the Play Store, but the next scaling milestone, 100 million monthly visits from 1 million monthly active users, poses a greater problem.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates