Egyptian fees management and digital collection platform KlickIt has announced the closing of its first investment round, which it will use to further develop its platform.
Founded in 2017, KlickIt is a payment management and digital collection platform driven by a plug-and-play ethic. The platform acts as a digital payments transformation partner to public and private educational entities in Egypt and globally through its integrated systems that digitise and facilitate end-to-end payment processes.
To date, KlickIt successfully processed EGP500 million (US$31.8 million) and the startup is the partner of choice for over 55,000 educational entities, including prominent institutes, schools, and nurseries.
It is now targeting further growth after taking on its first external capital, with commitments from EFG Finance and Camel Ventures, the venture capital arm of dfin Holding. The main purpose of the investment is to build and enhance KlickIt’s tech stack, and to build and deploy value added services to cross-sell new services for the company’s large network of schools and universities, as well as their rapidly growing customer base.
“We’re very proud to be backed by substantial entities like EFG Finance and dfin’s Camel Ventures, and we thank our investors for their continued support and trust in us,” said Saeed Talaat, co-founder and chief executive officer (CEO) of KlickIt.
“With this investment round, we look forward to solidifying our tech stack and scaling our services. Our partnerships over the last year with GEMS, Banque Misr, and most recently the Egyptian Ministry of Education, have been essential to our growth, and we plan on leveraging these experiences to spearhead the next chapter in our journey.”
Walid Hassouna, CEO at EFG Finance, said he was proud to be investing in KlickIt and backing its team.
“They have been proving their determination, grit, and ability to overcome challenges and to crack a highly lucrative market. We believe the future of availing financing through valU on Klickit will provide superb and accessible services to their customer base and help catalyze the growth of the company,” he said.