Cairo-based CreditFins closes pre-seed funding round

Cairo-based credit card management platform and fintech startup CreditFins has signed an undisclosed amount in a pre-seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment.

CreditFins helps users repay their credit card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower monthly installments as part of a plan that can be easily tracked. CreditFins’ customers save 20-50% of the interest they would have paid with their bank.

As total outstanding credit card debt in Egypt stood at more than $2 billion as of 2019, CreditFins is on a mission to grant its customers financial freedom. CreditFins is aware that falling into the vicious debt cycle is due to inaccessibility of information and lack of awareness, a gap the startup seeks to fill. Yet, the practicality of the platform arises from the customer-centric approach CreditFins adopts, as co-founder and CEO, Sherif Radi highlights, “Credit card debt is a moving target that’s hard to settle. At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated.”

Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.