Kashat, an Egyptian fintech company, has announced a new investment from the Cairo Angels, a global network of angel investors focused on supporting startup opportunities in the Middle East and North Africa.
Kashat, the first nano lending mobile application in Egypt, was founded by Sumair Farooqui and Karim Nour and offers short-term loans ranging from EGP 200 to EGP 1500 with a repayment plan of up to 61 days. The product is aimed at Egypt’s unbanked population, which accounts for nearly two-thirds of the country’s population.
“We owe Cairo Angels a heartfelt thanks for believing in our cause and joining us on our journey. “We are excited to reach the next step of our development, where we will continue to innovate to deliver solutions that help our users be more integrated into Egypt’s wider financial system,” said Kashat Founder Sumair Farooqui.
Aly El Shalakany, Chairman of the Cairo Angels also commented; “We are delighted to announce the completion of this investment round, which is the biggest in Cairo Angels’ history. Kashat has established itself as one of the leading Fintech companies, having developed a unique product to meet the needs of the Egyptian market. We believe the Kashat team will be successful in the Egyptian market.
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