Cairo – Mubasher: Egypt’s new cashless payments app Flash has raised $6 million in a seed funding round led by Addition and Flourish Ventures, along with other strategic angel investors.
This fintech startup will use the proceeds of the funding to accelerate its product development and business acquisition in Egypt, according to a press release.
Flash obtained the approval of the Central Bank of Egypt (CBE) in partnership with Banque Misr to operate as a technical payment aggregator.
Established in 2021, the app provides consumers and businesses with cashless payment solutions through a scan-and-pay service.
In line with the CBE’s financial inclusion strategy for 2022-2025, Flash enables people across the Arab Republic to conduct transactions by transitioning from cash to digital.
It allows consumers to make a purchase with their phones by adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on delivery.
Meanwhile, businesses can accept payments directly from consumers without the need for point-of-sale (POS) systems or technical integration.
Erik Gordon, Founder and CEO of Flash, said: "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."
Commenting on the CBE’s approval, Sherine Kabesh, Co-Founder of Flash, highlighted: “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,” Kabesh added.
