Egyptian fintech startup Kashat has raised a US$1.75 million bridge funding round to further develop its platform and expand operations.
Founded in 2019 by Sumair Farooqui and Karim Nour, Kashat is the first nano lending mobile application in Egypt, offering short-term loans of between EGP200 (US$13) and EGP1,500 (US$95) with a repayment plan up to 61 days. The product is designed to serve unbanked Egyptians.
Disrupt Africa reported in April the startup had secured a funding round from Cairo Angels as it looked to expand its product suite and scale operations, and it has now added to that with a bridge round worth US$1.75 million. The round is led by the pan-African fund Launch Africa, and again includes Cairo Angels.
Kashat will use the funds to further support and develop its platform, as well as expand its operations.
“With the growth in customer purchasing power, increased financial inclusion and democratised access to a broader array of goods and services, consumers across Egypt are desperate for a timeous, efficient, digital-friendly and affordable lending solution. Kashat is making broad, bold strides towards this goal and we are proud to be backing them on this journey,” said Launch Africa managing partner Zachariah George.