Kashat, a Cairo-based fintech startup has secured a funding from Cairo Angels, a global network of investors targeting startup opportunities in Egypt, the Middle East and Africa, to enable it expand its products suite and scale operations.
Founded by Sumair Farooqui and Karim Nour and launched last year,Kahat is the first nano lending mobile application in Egypt, offering short term loans of between EGP200 (US$13) and EGP1,500 (US$95) with a repayment plan up to 61 days.
After securing funding from Cairo Angels, a global network of angel investors focusing on supporting startup opportunities in Egypt, the Middle East, and Africa, the product is designed to help unbanked Egyptians, who account for nearly 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. 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,” said Sumair Farooqui.
Aly El Shalakany, chairman of Cairo Angels, said the round was the largest investment in Cairo Angels’ history.
“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,” he said.
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 for.