The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund focused on early-stage startups in the Middle East and Africa, is delighted to announce its investment in FlexPay, a fintech startup.
FlexPay is an online and offline payment platform that allows African retailers to offer their consumers interest-free targeted savings. Merchants use FlexPay to allow their consumers to pick how and when they pay for high-value goods and services.
Shoppers can stretch the cost over time (pay in installments), increasing their spending power and flexibility. Merchants can use FlexPay as an online checkout alternative or provide offline in-store flexibility. Over the last year, their GMV has increased by 5 times.
“We are thrilled to have The Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving (Save Now, Buy Later), we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap.” Stated Richard Machomba, Founder and CEO of FlexPay.
“FlexPay is our first investment in Africa outside of Egypt. Richard and Johnson are two stellar founders who have built an amazing FinTech platform that flips BNPL on its head by harnessing the power of saving and digitizing the deep-rooted culture of ‘layway’. We will be supporting FlexPay with their regional expansion plans in other key African markets, including Nigeria and Egypt” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.