Fintech Startup and Credit Card Management platform, CreditFins has closed an undisclosed amount in a Pre-seed funding round.
The funding round was led by Flat6Labs, TA Telecom Holding, AUC Angels and other investors.
CreditFins offers users the platform to save their money as they repay their Credit Card debt. According to its website, the platform offers a cheaper and more simpler solution for debt repayment via its monthly installments.
The startup allows savings of 20-50 percent interest that they would have paid with their banks.
As of 2019, reports have it that, Egypt’s total outstanding debt through credit card is over $2 billion.
CreditFins understands that an information gap is one of the challenges that breeds a continuous cycle of debt, therefore the startup is set out to fill this gap.
Speaking on this, Sherif Radi, Co-founder and CEO at CreditFins said:
“Credit card debt is a moving target that’s hard to settle. At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated.”
Albert Malaty, Managing Director of Flat6Labs Cairo Seed Programme also commented:
“Credit Fins has developed a cutting-edge financial technology solution to alleviate bank customers’ financial struggles, kicking off in Egypt and expanding to new markets.
Add to that their solid founding team who continue to grow their business, is a sure recipe for success. Flat6labs is proud to be part of their success journey.”
Overview of CreditFins
CreditFins is Egypt’s first smart debt manager and financial wellness app that helps you save money, manage and pay off credit card debt, all while enabling you to establish financial freedom.
With CreditFins users have the leverage of:
- Guaranteed savings
- Debt-free in days
- No interest rates
- One payment for multiple cards
- Easy payoff schedule
“When debt happens, it can be extremely overwhelming. However, there are easy and fast solutions for getting out of debt and reaching peace of mind. CreditFins’ smart debt management app provides you with an easy, secure, and convenient debt repayment plan managed by a team of financial professionals.”, a statement reads on its website.
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