Raseedi, an Egyptian startup, has secured $850,000 in a pre-Series A round led by Samurai Incubate and an EU-based investor, with current investors 500 Global, EFG-EV, and Falak Startups also participating.
Raseedi, a voice-over-internet protocol (VOIP) software founded in 2018 by Ahmed Atalla and Samuel Samy, aims to take a new approach to onboard Egypt’s millions of unbanked to the fintech boom.
Customers can use the app to get cheaper calls and data-saving recommendations.
Payment volumes grew 5 times in a month thanks to organic App communication and upselling, and 5,000 advance credit balances were issued in just a few months.
Three years after the app’s launch, Ahmed Atalla, the CEO of Raseedi, says that the company has always focused on the public, providing a more affordable way to connect.
Users can now call at lower rates, pay their telecom/utility bills with advanced telecom credit, pay peers/contacts while borrowing from peers, and acquire guarantees from community members to receive cash loans, according to Atalla.
Samuel Samy, the company’s COO and head of product, revealed that they operate as a highly lean tech firm that spends “never on assets or operations” and instead invests in “people and software.” From communication to payments to receiving fast advance credit, everything happens on the app. The goal is to grow the app’s user base from 1 million active users to 100 million monthly visits.
Raseedi’s dialer app receives over 10 million monthly visits and calls on average, with typical users receiving 120 visits per month and top users receiving 1,000 visits per month, therefore introducing customers to payments and hassle-free advance credit presents a few obstacles.