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Home Funding

Flash, an Egyptian fintech startup, secures $6 million in a seed round of funding

Tech Gist Africa by Tech Gist Africa
07/22/2023
in Funding, Middle East and Africa, News - Middle East And North Africa
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Flash, an Egyptian cashless payment app, has secured US$6 million in a seed round in order to accelerate the development of its product.

Addition led the funding round, which included Flourish Ventures and additional strategic angel investors.

Flash is a payment application that offers cashless payment solutions for customers and companies through a scan-and-pay service. It was founded in 2021 by Uber alumni Erik Gordon and Sherine Kabesh.

By adding any existing bank card or digital wallet to the app once and scanning a QR code that is presented by a business, either in-store or on delivery, customers are able to make purchases with their phones. Consumer payments can be accepted directly by businesses without the use of technical integration or point-of-sale (POS) systems.

Together with Banque Misr, Flash has also received approval from the Central Bank of Egypt to function as a technical payment aggregator.

“Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS, said Gordon, CEO of Flash. Our goal is to make payments easier, safer, and faster for everyone. We are also excited to be releasing new features to help consumers make better spending decisions,” he said. “We are humbled by this seed investment, which will enable us to invest in our product, business, and customer acquisition and utilize the valuable insights of our experienced investment partners to advance the economy of Egypt.”

The additional funds will be applied to customer and business acquisitions as well as scaling the company more swiftly.

 

Read more on Tech Gist Africa:

Exits MENA, a fintech startup based in Egypt, has increased its pre-seed funding to $1.25 million

Rology, an Egyptian e-health startup, has acquired Arkan United, a Saudi company

Dawi Clinics in Egypt raises $6.5 million to fund its expansion

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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