Thursday, August 18, 2022
Thursday, August 18, 2022
Home Startups Egyptian fintech startup KlickIt secures its first round of funding for expansion.

Egyptian fintech startup KlickIt secures its first round of funding for expansion.

by Weddy Thuranira
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KlickIt, an Egyptian fees management and digital collection platform, has announced the completion of its first funding round, which included commitments from EFG Finance and dfin Holding’s venture capital arm, Camel Ventures.

The investment’s primary goal is to expand and improve KlickIt’s technology stack, as well as to develop and implement value-added services to cross-sell new services to the company’s large network of schools and universities and rapidly growing customer base.

“We’re proud to be investing in KlickIt and backing its team. They have been proving their determination, grit, and ability to overcome challenges and to crack a highly lucrative market,” said Walid Hassouna, CEO at EFG Finance. “We believe the future of availing financing through valU on Klickit will provide superb and accessible services to their customer base and help catalyze the growth of the company.”

Shehab Marzban, CEO of Digital Finance (dfin) Holding the sponsor of Camel Ventures, added that “as strong advocates of Klickit and their impressive team, we committed to investing through Camel Ventures and its’ partners, with the focus to leverage our portfolio and network in creating value and synergies for Klickit supporting them to lead the digital transformation and financing space of the education sector. ”

Under the Ministry of Education, KlickIt presently serves over 55,000 Egyptian public schools with over 25 million students. This is in addition to a private entity’s portfolio of 100 different schools and nurseries.

Since its inception in 2017, KlickIt has processed more than EGP 500 million in different kinds of payment transactions for educational entities, and is backed by partnerships with prominent market leaders such as Banque Misr and e-finance, with more in the pipeline.

“We’re very proud to be backed by substantial entities like EFG Finance and dfin’s Camel Ventures, and we thank our investors for their continued support and trust in us,” said Saeed Talaat, Co-founder and CEO of KlickIt. “With this investment round, we look forward to solidifying our tech stack and scaling our services. Our partnerships over the last year with GEMS, Banque Misr, and most recently the Egyptian Ministry of Education, have been essential to our growth, and we plan on leveraging these experiences to spearhead the next chapter in our journey.”

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