Swvl’s co-founder and former Chief Operating Officer Mahmoud Nouh who had left the Egyptian startup a few months ago is now building a fintech (called Capiter) in Egypt.
Mahmoud, according to his LinkedIn profile, joined Capiter in November last year as co-founder and CEO. The Cairo-based startup was apparently started by Ahmed Nouh a few months before Mahmoud joined. Ahmed lists himself as the co-founder and COO of Capiter on LinkedIn.
Capiter, according to its website, offers on-demand cash flow solutions to small businesses and vendors, paying vendors immediately for the goods they sell to small business buyers and then collecting payments from the buyers using flexible payment plans.
There are not a lot of details on the website but it would be safe to assume that Capiter makes money by charging a fee, interest, or a combination of both from the small businesses using its solutions.
Explaining the benefits of the service, Capiter on their website explains, “Suppliers instantly convert their sales into cash and eliminate their collection and credit risk, and buyers access the needed credit to grow their business & increase their purchases, without borrowing or extra capital.
“Capiter’s unique technologies and sophisticated ML models empower businesses to increase their sales, grow their customer base and improve their cash flow,” the startup notes on its LinkedIn page.
MENAbytes understands that Capiter is currently speaking to different investors in the region to raise money for supporting its growth.
Swvl’s former Global Growth Manager Hassan El-Tahan has also moved to Capiter, serving it as Head of Growth & Data Analytics.
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