Egypt-based fintech startup, Kashat, has recently closed a US$1.75m funding round.
The bridge round by the microloan solutions provider was piloted by Launch Africa Ventures, a Pan-African fund that is dedicated to assisting businesses that address pressing issues in the continent.
Participants in the funding round included Cairo Angels which is a former investment and some major regional investors.
With its recent funding, the startup plans to sustain its platform and expand its operations.
Speaking on the reason behind supporting Kashat through the funding round, Zachariah George, Managing Partner, Launch Africa Ventures, said,
“With the growth in customer purchasing power, increased financial inclusion and democratised 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.”
There has been significant growth in Egypt’s fintech ecosystem, thanks to the seamless financial solutions that entrepreneurs provide.
The fintech startup, as part of its mission to promote financial inclusion in Egypt, focuses on meeting the needs of a specific population unlike the other startups in Egypt like MoneyFellows and Paymob that focus on the larger market.
Kashat provides small loans and other financial services to micro-businesses owners through its mobile platform.
Founded in 2019, the fintech startup promotes financial inclusion in Egypt by giving Egyptians access to instant credit through short-term loans with a repayment plan. Once loan requests are approved, people can withdraw their loans.
To access a loan, you must:
- Create an account on Kashat
- Be above 18 years
- Be Egyptian
- Have a valid national ID
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