More Africa NewsEgyptian fintech Flash raises $6m seed funding

July 18, 2023by myles0

Egyptian fintech Flash has closed a $6m seed funding to accelerate product development, customer and business acquisition.

The seed round was led by US-based Addition with participation from Flourish Ventures and other angel investors.

Flash, an iOS and Android-compatible mobile application, enables secure contactless digital payments for businesses, both in-store and online, through QR codes.

With approval from the Central Bank of Egypt, Flash provides merchants with tools for managing customers, receiving payments and conducting transactions.

The fintech says the funding will accelerate the start-up’s product development, customer and business acquisition in Egypt.

Flash has also obtained approval from the Central Bank of Egypt in partnership with Banque Misr to operate as a technical payment aggregator.

Flash was founded by Uber alumni Erik Gordon and Sherine Kabesh in 2021.

Commenting on the new funds, Gordon, CEO of Flash, said: “Our goal is to make payments easier, safer and faster for everyone. We are also excited to release new features to help consumers make better spending decisions.

“We are humbled by this seed investment, which will enable us to invest in our product and business and customer acquisition, and utilise the valuable insights of our experienced investment partners to advance the economy of Egypt.”

For the funders, Andrew Miskiewicz of Addition said: “Flash is transforming the payments landscape in Egypt, simplifying the complex transactional process for consumers and businesses with a safe and easy-to-use application.

“We look forward to supporting Flash and its leadership team as they continue to accelerate product development, expand customer bases and help promote financial inclusion.”

Ameya Upadhyay, Venture partner, Flourish Ventures, added: “Flash’s vision to enable everyone in Egypt – merchants and customers alike – to receive and pay money instantly is a game changer.

“At Flourish, we invest in entrepreneurs who are passionate about creating a fairer financial system and we’re thrilled to back Flash – a rising fintech with a woman co-founder, and look forward to empowering the market with digital payments.”

In conclusion, Kabesh, co-founder of Flash, said: “We are thrilled to have obtained a technical payment aggregator approval from the Central Bank of Egypt in partnership with Banque Misr.

“This strengthens our commitment to developing the cashless ecosystem, introducing new products, and diversifying our digital payment portfolio. It enables us to expand the scope of our digital financial products and reach millions of micro-entrepreneurs, driving growth and advancing Egypt’s digital economy.”

Source: IT Web Africa

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