Back to the complete issue
Sunday, 5 September 2021

Kashat lands funding from Launch Africa in private bridge round

Fintech startup Kashat has successfully closed a private bridge round for an undisclosed sum, a senior company executive told Enterprise. The round saw participation from pan-African fund Launch Africa, which typically invests up to USD 300k per transaction. Cairo Angels also took part in the round; the Cairo Angels previously made their largest ever investment in Kashat in a private seed-extension round that closed last December. This latest round “backs Kashat’s mission to positively affect financial inclusion in Egypt, and the Arabic speaking world at large, by providing accessible, productive, financial services,” the senior exec said.

Kashat — which launched last year — provides nano financial services in the form of small productive facilities between EGP 100 and EGP 1.5k to the unbanked and under banked, with a repayment period of up to 61 days. Kashat is Egypt’s first FRA-regulated nano-finance player, and has integrated with leading e-payment platform Fawry, as well as Vodafone Cash and Aman.


Al Ahly Momken will provide electronic payment services to Egyptian fintech lending start-up El Gameya under a partnership agreement, according to a joint press release. El Gameya is an online platform that allows individuals to join collaborative lending associations or “money circles” — known in the region as a gameya — to access peer-to-peer, zero-interest lending. Momken CEO Samir Abu Hashem said Momken currently facilitates access to money circles for around 40k merchants.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.