The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund focused on early-stage entrepreneurs in the Middle East and Africa, is thrilled to confirm its investment in FlexPay, a fintech startup.
FlexPay is an online and offline payment platform that enables African retailers to offer their consumers interest-free targeted savings. Merchants use FlexPay to allow their consumers to pick how and when they pay for high-value goods and services.
Customers can stretch the cost over time (pay in installments), boosting their spending power and flexibility. Merchants can use FlexPay as an online checkout alternative or provide offline in-store flexibility. Over the last year, their GMV has increased by 5 times.
FlexPay’s Founder and CEO, Richard Machomba, says the company is happy to have The Cairo Angels as investors as it seeks to expand and scale to more African markets.
FlexPay, Africa’s first merchant-embedded saving-based buying experience that rewards customers for saving (Save Now, Buy Later), promises to bridge the affordability gap for the continent’s massive underbanked population without trapping them in debt.
FlexPay is also the Cairo Angels Syndicate Fund’s first investment outside of Egypt, according to Aly El Shalakany, CEO. Richard and Johnson, he claims, are two outstanding founders who have created an incredible FinTech platform that turns BNPL on its head by using the power of saving and digitizing the deeply established culture of ‘layway.’ CASF will assist FlexPay with regional expansion plans in other significant African markets, such as Nigeria and Egypt, he said.
Several companies struggle to get Series A funding, start-up company that has demonstrated success in creating their business model and the capacity to grow and create income in Africa sometimes find it hard to get funds.
As a result, many African businesses are forced to seek bootstrapping, which is the endeavor to establish and grow a business using personal funds or the new startup’s operating profits.
However, the lack of funding problem in Africa is changing rapidly as more and more investment platforms, such as CASF, look for firms with growth potential and invest in them. This is significant news for African companies, which are the backbone of the continent’s economy.
If more entrepreneurs receive funding, the continent’s economy will continue to flourish, creating more job possibilities.
As such, fintech is now, more than ever, the most prominent investing area. Fintech businesses have broken the $1 billion investment barrier, according to a report from the last year 2021, which is wonderful news for the sector and the continent as a whole.
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