Egyptian fintech startup Kashier raises funds to scale up operations

EGYPT – Egyptian fintech startup Kashier Payments has raised funding in a seed round led by Glint Ventures to help it scale up its go-to-market strategy, grow its team, and introduce new products.

Kashier provides businesses with a unified payments platform that allows them to make and receive payments to and from customers, vendors, and partners via a variety of payment methods and channels.

The Cairo-based fintech was founded in 2017 by Khaled Raslan, Mohamed Hossam and Mohamed Mohsen.

It launched its online payment acceptance services last year after obtaining the required approvals as a Payment Facilitator and Payment Service Provider from Central Bank of Egypt.

The startup later entered into strategic partnerships with two of Egypt’s leading acquiring banks.

“Our aim at Kashier is to empower Egyptian businesses by facilitating their process of joining the digital economy, which in turn will lead to the long-term growth and sustainability of their business.”

Khaled Raslan- CEO, Kashier Payments

The current global pandemic in addition to the Central Bank of Egypt’s commitment to financial inclusion have caused a major structural shift in the market towards electronic payments.

The shift towards electronic payments has stimulated the growth of a number of Egyptian fintech startups, some of which have attracted a number of investments in seed rounds to enable them scale operations.

Last month, Cairo-based payment startup Paymob raised $3.5 million investment in a round led by Dubai’s Global Ventures and Dutch Entrepreneurial Development Bank FMO with the participation of existing investor A15.

The Egyptian startup said that it planned to use the investment to accelerate its expansion to more markets in Africa and GCC which it said will help it solidify its position as one of the leading payment service providers in the region.

The investment will also allow Paymob to empower the underserved SMES with improved and more accessible digital payment offerings.

 Khaled Raslan, the startup’s chief executive officer notes that Kashier’s robust technology is perfectly positioned to capture and handle the increased demand for digital payments.

Tarek Aboualam, managing partner at Glint Ventures, said fintech companies were already disrupting and reshaping the world of financial services.

Aboulam noted that their investment in Kashier would address the electronic payment needs of Egyptian businesses, reinforce the digitisation of the economy and help bridge the fintech gap.

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