Egyptian FinTech startup Kashier raises seed funding round.

Kashier is an Egyptian payments management platform aimed at empowering businesses, both e-commerce and retail, by providing them with simple and efficient tools to simplify the running of businesses. It was founded in 2017 by Khaled Raslan, Mohamed Mohsen and Mohamed Hossam and launched its services in 2019 after obtaining the required approvals from central bank of Egypt and entering into strategic partnership agreement with two of Egypt’s leading acquiring banks.

Kashier raised an undisclosed seed round led by UK-based Glint Ventures with participation from other strategic investors. With the new investment, the start-up plans to expand its team and scale its offering.

According to its website, Kashier enables businesses to accept payments from customers, vendors and partners through a variety of payment methods and channels. Businesses that don’t own a website are able to create payment requests through the platform and share them with their customers and in return the customers can pay using the different options on the Kashier platform.

The platform doesn’t have a setup fee or monthly fee, but it charges 2.85% plus EGP 3(USD 0.20) on every successful transaction.

“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”, said Khaled Raslan, the start-ups Co-founder and CEO.

“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 inclusive economy” he added.

Tarek Aboualam, managing partner at Glint ventures, 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 payments needs of Egyptian businesses, reinforce the digitization of the economy, and help bridge the fintech gap.”