Cairo Angels Syndicate Fund invests in Kenyan fintech FlexPay
The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage start-ups in the Middle East and Africa, announced its investment in the fintech start-up FlexPay.
FlexPay is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa. Through FlexPay, merchants give their customers the freedom to choose how and when to pay for high-value goods and services. Shoppers get to spread the cost over time (pay in instalments) increasing flexibility and spending power. Merchants can choose to integrate FlexPay as a checkout option online or offer offline in-store flexibility.
”We are thrilled to have The Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving (save now, buy later), we aim to solve the unaffordability gap for the large under-banked African population without subjecting them to the debt trap,” stated Richard Machomba, founder and CEO of FlexPay.
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