EGYPT – Kashat, a Cairo-based fintech startup which just launched out in 2020, has secured an undisclosed amount of funding from Cairo Angels, a global network of angel investors targeting startup opportunities in Egypt, the Middle East and Africa, to aid in its expansion plans.
Founded by Sumair Farooqui and Karim Nour, Kashat is the first Nano lending mobile application in Egypt, offering short term loans from EGP 200 (US$12.73) to EGP 1500 (US$95.45) with a repayment plan up to 61 days. The product is designed to serve unbanked Egyptians, which comprise almost two-thirds of the population.
“We are grateful to Cairo Angels for putting their trust and faith in our mission and becoming part of our journey,” stated Sumair Farooqui, Founder of Kashat.
“We are excited to enter the next phase of our growth where we will continue to innovate to deliver solutions that help enhance opportunities for our users to be included in the wider financial system of Egypt.”
“Kashat has been recognized as one of the top Fintech players, having launched a unique product that caters to the Egyptian market’s needs.”Aly El Shalakany – Chairman, Cairo Angels
Cairo Angels, which is a group of angel investors recently launched a new US$3 million micro fund to invest in early-stage startups’ seed and pre-Series A in the Middle East and Africa region, with a major focus on Egypt and Saudi Arabia.
“We are pleased to have closed this investment round, which is the largest investment in Cairo Angels’ history,” said Aly El Shalakany, Chairman of the Cairo Angels.
“Kashat has been recognized as one of the top Fintech players, having launched a unique product that caters to the Egyptian market’s needs. We are confident in the Kashat team’s ability to succeed in the Egyptian market and beyond.”
One of the leading and oldest angel networks of the region, Cairo Angels has been actively investing in Egyptian startups.
The size of the fund is quite small and so would, probably, only assist startups close their rounds. Around two-thirds of Egypt’s population is unbanked, a portion to which Kashat caters.