Launch Africa leads investment in Egypt-based fintech company

Egypt-based fintech and microloan solutions provider Kashat has successfully raised $1.75 million in its latest funding round. The bridge round was led by the pan-African fund Launch Africa, and saw the participation of several key regional investors including previous backer Cairo Angels.

Founded in 2019, Kashat set forth on a mission to positively impact financial inclusion in Egypt, and the Arabic-speaking world at large, by providing accessible, seamless. and productive financial services. Through its user-friendly mobile platform, Kashat provides nano financial services currently in the form of small loans for the unbanked and under-banked demographics in Egypt.

By providing micro-loans and nano-financial services to Egypt’s unbanked sector, Kashat is tapping into a market that constitutes more than 70% of the population.

The Egypt-based fintech start-up plans to utilise its newly acquired funds to further support and develop its platform, as well as expand its operations.

Managing partner of Launch Africa Ventures, Zachariah George commented: “With the growth in customer purchasing power, increased financial inclusion and democratised access to a broader array of goods and services, consumers across Egypt are desperate for a timeous, efficient, digital-friendly and affordable lending solution. Kashat is making broad, bold strides towards this goal and we are proud to be backing them on this journey.”

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