Egyptian credit card management and financial wellness platform CreditFins has closed a pre-seed round of investment to help it further develop its product and build its customer base.
CreditFins helps users repay their credit card debt while saving money, offering a cheaper, more convenient solution for debt repayment through fixed, lower monthly installments as part of a plan that can be easily tracked. The startup’s customers save up to half of the interest payments they would have paid with a traditional bank.
It has now raised a round of pre-seed funding, led by Flat6Labs, AUC Angels and TA Telecom Holding, and also featuring a host of additional angel Investors. CreditFins will use the investment to develop its product and acquire more users.
The startup is actively working to launch “CreditFins Alpha” card and introducing more features to its solution as it strives to make its credit card management platform more compelling and to widen its customer base.
“Credit card debt is a moving target that’s hard to settle,” said Sherif Radi, co-founder and chief executive officer (CEO) of CreditFins.
“At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated.”
Albert Malaty, managing director of the Flat6Labs Cairo Seed Programme, said CreditFins had developed a cutting-edge financial technology solution to alleviate bank customers’ financial struggles.
“Add to that their solid founding team who continue to grow their business, is a sure recipe for success. Flat6labs is proud to be part of their success journey,” he said.
Mariam Kamal, manager of AUC Angels, agreed on the strength of the CreditFins team.
“The diversity in their experience, and their resourceful approach to addressing the problem they’ve identified, was apparent to investors. We look forward to witnessing the growth and pivots they will go through in their mission to empower their user base through enhanced financial tools,” she said.