Sahl, a Cairo-based startup, has secured US$6 million in Series A and seed funding to serve as a comprehensive domestic bill management platform in partnership with government entities.
Ayady for Investment and Development, a prominent Egyptian investment firm, led the US$6 million funding round for Sahl, which also included existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.
Sahl is poised to transform into a comprehensive financial services provider as a result of the most recent round of funding.
Sahl is a mobile bill payment application that provides users with the convenience of paying monthly invoices for more than 50 services, such as electricity, gas, water, and mobile. The platform enables users to recharge prepaid cards at any time and in any location by utilizing NFC technology.
The startup has also introduced B2B products to broaden its audience by providing utility services and payment acceptance to other companies.
“At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services,” said Abdullah Assal, Sahl’s CEO. “Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”
The company will prioritize a frictionless, time-saving, and secure user experience by leveraging the new funds to refine and develop new offerings. Sahl intends to further extend its regional presence by establishing offices in Saudi Arabia, thereby fortifying its position in Egypt and beyond, following a successful regional launch in the UAE.
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