CreditFins, an Egyptian credit card management and financial wellness platform, has closed a pre-seed round of funding to help it expand its product and user base.
CreditFins assists users in repaying credit card debt while saving money by providing a cheaper, more convenient debt repayment option through set, lower monthly installments as part of an easily trackable plan. Customers of the startup save up to half of what they would have spent in interest if they had used a traditional bank.
Flat6Labs, AUC Angels, and TA Telecom Holding led a round of pre-seed funding, which was joined by a number of other angel investors. CreditFins plans to use the funds to expand its services and gain additional consumers.
As part of its effort to make its credit card management platform more enticing and expand its customer base, the business is actively working to introduce the “CreditFins Alpha” card and add more capabilities to its solution.
“Credit card debt is a moving target that’s hard to settle,” said Sherif Radi, co-founder and chief executive officer (CEO) of CreditFins.
“At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated.”
CreditFins has developed a cutting-edge financial technology solution to alleviate bank customers’ financial troubles, according to Albert Malaty, managing director of the Flat6Labs Cairo Seed Programme.
“Add to that their solid founding team who continue to grow their business, is a sure recipe for success. Flat6labs is proud to be part of their success journey,” he said.
Mariam Kamal, manager of AUC Angels, agreed on the strength of the CreditFins team.
“The diversity in their experience, and their resourceful approach to addressing the problem they’ve identified, was apparent to investors. We look forward to witnessing the growth and pivots they will go through in their mission to empower their user base through enhanced financial tools,” she said.