Cairo-based fintech Kashier has raised seed investment led by Glint Ventures, it announced in a statement to MENAbytes on Sunday. The startup did not disclose the exact size of investment but has told MENAbytes that it is a six-figure (USD) deal. The round also included participation of some other unnamed investors.
Founded in 2017 by Khaled Raslan, Mohamed Hossam, and Mohamed Mohsen, Kashier enables ecommerce and retail businesses to accept payments using its platform. The businesses can use Kashier on their website or mobile app using easy integration options.
It launched its services in 2019 after obtaining the required approvals as a Payment Facilitator and Payment Service Provider from Central Bank of Egypt and entering into a strategic partnership agreement with two of Egypt’s leading acquiring banks, said the startup in a statement.
“Kashier empowers businesses with a unified payments platform by providing them with simple yet efficient tools to make it easier for them to make and accept payments from and to their customers, vendors, and partners via a variety of payment methods and channels,” noted the startup in a statement.
The businesses that don’t have a website can create payment requests using Kashier’s platform and share it with their customers through social media, email, or even SMS. The customers can then pay using different types of payment options on Kashier’s payment page. It also supports recurring payments.
According to its website, the payment methods it currently supports include Visa, Mastercard, and Meeza. Kashier also allows merchants to accept payments made via international cards.
The platform charges 2.85 percent plus EGP 3 on every successful transaction. It doesn’t have a setup or monthly fee.
Khaled Raslan, the co-founder and CEO of Kashier, said, “Our aim at Kashier is to empower Egyptian businesses by facilitating their process of joining the digital economy, which in turn will lead to the long-term growth and sustainability of their business.”
“The current global pandemic in addition to the Central Bank of Egypt’s commitment to financial inclusion have caused a major structural shift in the market towards electronic payments, and Kashier’s robust technology is perfectly positioned to capture and handle the increased demand for digital payments. We are excited to be joined by our investors who share our vision for a more digital and inclusive economy,” he added.
Tarek Aboualam, Managing Partner at Glint, said, “Fintech companies are already disrupting and reshaping the financial services world as we know it. We are excited about this investment that would address the electronic payment needs of Egyptian businesses, reinforce the digitization of the economy and help bridge the fintech gap.
The Egyptian startup plans to use the investment to expand its team and introduce new products.