Egypt-based financial technology (fintech) startup Kashier Payments, has raised a seed investment round led by Glint Ventures, with participation from other undisclosed investors.
Founded in 2017 by Khaled Raslan, Mohamed Hossam, and Mohamed Mohsen, Kashier enables business owners to process and accept payments from and to their customers, vendors, and partners via a variety of payment methods and channels.
The company had launched its online payment acceptance services in 2019 after being licensed as a payment facilitator and payment service provider following its partnership agreement with two of Egypt’s acquiring banks, according to a release.
“Our aim at Kashier is to empower Egyptian businesses by facilitating their process of joining the digital economy, which in turn will lead to the long-term growth and sustainability of their business. The current global pandemic in addition to the Central bank of Egypt (CBE)’s commitment to financial inclusion have caused a major structural shift in the market towards electronic payments,” said Khaled Raslan, Kashier’s co-founder and chief executive officer (CEO).
Kashier will be using the funds to scale up its commercial go-to-market strategy, expand its team, and introduce more products.
“Fintech companies are already disrupting and reshaping the financial services world as we know it. We are excited about this investment that would address the electronic payment needs of Egyptian businesses, reinforce the digitisation of the economy and help bridge the fintech gap” said Tarek Aboualam, managing partner at Glint.