EGYPT – CreditFins, Credit Card management platform and fintech startup, has successfully acquired an undisclosed amount in a Pre-Seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment.
This latest funding round adds to the 10PP growth in early-stage investments (of ticket sizes lower than US$500,000) Egypt observed in H1 2021 YoY.
Fintech startup CreditFins helps users repay their Credit Card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower monthly instalments as part of a plan that can be easily tracked. CreditFins’ customers save 20-50 per cent of the interest they would have paid with their bank.
As total outstanding credit card debt in Egypt stood at more than US$2 billion as of 2019, CreditFins is on a mission to grant its customers financial freedom. CreditFins is aware that falling into the vicious debt cycle is due to inaccessibility of information and lack of awareness, a gap the startup seeks to fill.
Yet, the practicality of the platform arises from the customer-centric approach CreditFins adopts.
“The diversity in their experience, and their resourceful approach to addressing the problem they have identified, was apparent to investors.”Mariam Kamal – Manager, AUC Angels
“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,” said Co-founder and CEO, Sherif Radi.
The startup is actively working to launch the CreditFins Alpha card, introducing more features to its solution as it strives to make its credit card management platform more compelling to a wider customer base.
At the core of their success is a founding team with extensive experience in innovation and product building which was a key attraction for investors.
“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,” Albert Malaty, Managing Director of Flat6Labs Cairo Seed Programme said.
Mariam Kamal, Manager of AUC Angels added that, “CreditFins stood out amongst their cohort because of clear strength in the team. The diversity in their experience, and their resourceful approach to addressing the problem they have identified, was apparent to investors. We look forward to witnessing the growth and pivots they will go through in their mission to empower their user base through enhanced financial tools.”
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