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.
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