Egyptian mobile lending app Kashat has secured a funding round from Cairo Angels as it looks to expand its product suite and scale operations.
Founded by Sumair Farooqui and Karim Nour and launched last year, Kashat is the first nano lending mobile application in Egypt, offering short-term loans of between EGP200 (US$13) and EGP1,500 (US$95) with a repayment plan up to 61 days.
The product is designed to serve unbanked Egyptians, which comprise almost two-thirds of the population, and will now be looking to scale quicker after securing funding from Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East and Africa.
“We are grateful to Cairo Angels for putting their trust and faith in our mission and becoming part of our journey. We are excited to enter the next phase of our growth where we will continue to innovate to deliver solutions that help enhance opportunities for our users to be included in the wider financial system of Egypt,” said Sumair Farooqui.
Aly El Shalakany, chairman of Cairo Angels, said the round was the largest investment in Cairo Angels’ history.
“Kashat has been recognised as one of the top fintech players, having launched a unique product that caters to the Egyptian market’s needs. We are confident in the Kashat team’s ability to succeed in the Egyptian market and beyond,” he said.