Egyptian e-commerce operations startup Fincart has raised $2.8 million in an oversubscribed seed funding round to accelerate the expansion of its AI-powered merchant platform across Africa and the Middle East.
The round was co-led by Launch Africa and Antler MENAP, with participation from Yango Ventures, Five35 Ventures, Bluestream Capital, Hi2 Global, Kalahari Venture Labs and other regional investors. The funding follows Fincart’s pre-seed round in January 2025, which was led by Plus VC.
Founded in 2023 by Mostafa Masry and Nihal Ali, Fincart has evolved from a logistics management platform into an AI-powered operating system that helps online merchants manage shipping, customer engagement and access working capital from a single interface. The platform integrates with more than 40 courier companies across Africa, creating one of the continent’s largest logistics integration networks.
The startup said it will use the new capital to strengthen its AI capabilities, expand its engineering and commercial teams, deepen strategic partnerships and prepare for regional expansion beginning in 2027.
Fincart says it now serves more than 450 merchants across sectors including fashion, cosmetics, electronics and accessories. The company has facilitated nearly EGP1 billion (about $20 million) in gross merchandise value through its platform while relying almost entirely on organic growth, with roughly 40% of new customers acquired through referrals and no spending on marketing over the past three years.
“Our investors’ confidence in our vision, product and long-term goals will enable us to accelerate our mission of transforming e-commerce operations across the region,” Chief Executive Officer Mostafa Masry said.
The company was founded after Masry and Chief Operating Officer Nihal Ali experienced the operational challenges facing online merchants, particularly around last-mile delivery and reconciling cash-on-delivery payments, which remain the dominant payment method across Egypt and much of Africa and the Middle East.
“Most merchants are juggling multiple disconnected tools for shipping, payments and customer engagement,” Ali said. “We built Fincart to replace all of that with a single control panel where merchants can sell more, deliver faster and manage their customers without the friction.”
Launch Africa said Egypt’s high-volume, cash-on-delivery e-commerce market presents a significant infrastructure opportunity, while Antler MENAP said the founders’ operational experience and execution positioned the company to build commerce infrastructure that can scale across Africa and the Middle East.