Egyptian fintech startup Raseedi raises $850k pre-Series A round

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Egyptian fintech startup Raseedi, a mobile app that helps users make cheaper calls, pay less and get advance credit, has raised a US$850,000 pre-Series A funding round to help it build on its impressive early traction.

A multi-purpose fintech application that helps anyone within its community to communicate cheaper, pay less, and pay later for various services, Raseedi has over 10 million monthly visits and calls made through its dialer app.

The startup has now announced a US$850,000 pre-Series A round from Samurai Incubate and a European investor, with participation from existing investors 500 Startups, EFG-EV and Falak Startups. The cash will help Raseedi further scale.

“Since our inception, we have focused on the masses offering them a better way to communicate cheaper. So, once an app becomes the user’s daily trusted dialer, it becomes so much more – the network or circle they trust for how they connect to their community of contacts, friends and family,” said Ahmed Atalla co-founder and chief executive officer (CEO) of Raseedi.

“Users are now calling cheaper, paying telecoms and utility bills, and taking advance telecom credit, but imagine if later people can communicate for free within this community, pay peers and contacts, and borrow from peers, or even get guaranteed by members of their community to receive cash loans. Maybe sooner than later, stay tuned.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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