Egypt: Financial platform aimed at gig workers raises $3m

Dayra, a Cairo-based fintech startup providing unbanked gig workers and micro-businesses with financial services, has closed a debt and equity pre-seed round of $3 million.

The startup, which has been funded by Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes, Y Combinator, and multiple prominent angel investors, has also joined Y Combinator’s Winter 21 batch.

Dayra was founded in early 2020 by Omar Ekram with the chief aim of improving the lives of millions of unbanked individuals in the MENA region, beginning with Egypt. It empowers companies to provide their unbanked gig-workers and customers with financial solutions, via API integrations, while taking the payment disbursement hassle off those companies, and allowing them to extend their payment terms. Dayra’s financial solutions include virtual bank accounts, prepaid cards and access to credit.

Analysing end-user transactions enables Dayra to create alternative credit scores and virtual financial identities. Businesses can integrate with the platform in two ways: 1) Offer Dayra’s financial solutions directly from within their app using the API integration or, 2) If they don’t have their own app or portal, they can use Dayra’s app directly.

Prior to starting Dayra, Ekram co-founded private equity fund Tanmiya Capital Ventures, which participated in Dayra’s pre-seed round. Ekram was able to closely observe the inefficiencies of the financial services sector in Egypt and its impact on financial exclusion during his years in the financial services sector.

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