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Tuesday, 17 May 2022

Cairo Angels expands outside of Egypt with investment in Kenyan fintech

Cairo Angels Syndicate Fund has made an investment in Kenyan fintech startup FlexPay, the VC fund announced in a statement (pdf) yesterday. This is Cairo Angels’ first investment in Africa outside of Egypt, according to the release, which did not put a figure on the size of the cheque the fund wrote.

About the company: FlexPay is a “save now, buy later” payment platform (as opposed to buy now, pay later or BNPL) that allows customers to pay for goods in installments using savings, rather than credit. “As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving, we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap,” said founder and CEO Richard Machomba.

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