Kashat, an Egypt-based provider of fintech and microloan solutions, has successfully raised $1.75 million in its latest funding to further develop its platform and expand operations.
The Bridge round was led by the Pan-African fund Launch Africa, whose mandate is to back companies that address the continent’s most significant challenges, and included several prominent regional investors, including previous investor Cairo Angels.
Kashat was founded in 2019 with the goal of significantly impacting financial inclusion in Egypt and the Arabic-speaking world at large by delivering accessible, frictionless, and productive financial services. Kashat, with its user-friendly mobile application, now delivers nano financial services in the form of small loans to Egypt’s unbanked and underbanked demographics.
Kashat’s operations serve to an unique demographic as a result of their objective to promote financial inclusion in Egypt. Kashat is reaching out to Egypt’s unbanked sector by offering micro-loans and nano-financial services to a market that accounts for more than 70% of the population.
The Egypt-based fintech intends to use the new funds to sustain and enhance its platform, as well as to expand its operations.
In light of this recent investment, Managing Partner Launch Africa Ventures Zachariah George highlighted “With the growth in customer purchasing power, increased financial inclusion and democratised access to a broader array of goods and services, consumers across Egypt are desperate for a timeous, efficient, digital-friendly and affordable lending solution. Kashat is making broad, bold strides towards this goal and we are proud to be backing them on this journey.”