Egypt’s Cassbana raises $ 1 Million led by Disruptech

Cairo based fintech startup Cassbana has raised $ 1 million in a seed round led by Disruptech with participation from several other fintech funds and angel investors.

The startup was launched in June 2020 by Haitham Nassar, a former planning Director at Careem. Cassbana uses machine learning and artificial intelligence to offer financial identities to the underserved and underbanked individuals in the Egyptian market, starting with the people behind small retail businesses.

Cassbana’s CEO in a statement said,”We aim to establish financial identities for those dealing with institutions and service providers contracting with us, in order to enable these clients to obtain financial services, whether to grow their business or bypass any unaccounted risks. Without this financial identity, many suffer from uncomfortable and expensive options for obtaining financial services or no options at all.”

Cassbana aims to create one-million financial identities before the end of 2021 and the funds raised will be used to expand operations and assist in achieving this goal.