Kashat, an Egyptian nano lending startup has secured an undisclosed funding round from Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East and Africa.
The investment round is aimed at helping fuel Kashat’s growth.
Founded by Sumair Farooqui and Karim Nour, Kashat through its mobile application offers short term loans from EGP200-1500 with a repayment plan of up to 61 days. The product is designed to serve unbanked Egyptians, which comprise almost two-thirds of the population.
“We are grateful to Cairo Angels for putting their trust and faith in our mission and becoming part of our journey. We are excited to enter the next phase of our growth where we will continue to innovate to deliver solutions that help enhance opportunities for our users to be included in the wider financial system of Egypt,” stated Sumair Farooqui, Founder of Kashat.
“We are pleased to have closed this investment round, which is the largest investment in Cairo Angels’ history. Kashat has been recognized as one of the top Fintech players, having launched a unique product that caters to the Egyptian market’s needs. We are confident in the Kashat team’s ability to succeed in the Egyptian market and beyond,” said Aly El Shalakany, Chairman of the Cairo Angels.