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.
IN OTHER FINTECH NEWS-
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.