Egypt-based peer-to-peer (P2P) financial technology (fintech) startup Flick, has raised a $1 million a pre-seed funding round from an angel investor.
Founded in September, Flick digitises cross-border, end-to-end money transfer and hopes to launch its service early 2021. It allows both the sender and recipient to complete a money transfer from anywhere in the world without the need to visit a bank, remittance or exchange house.
"Our team covers a great area of expertise, and we have a track record in planning, commercial and technical. We studied the market well for a year, and we received many funding offers from bodies and individuals, but our initial focus was solely on studying the market well to identify the main problems and pain points, and then worked to solve it. I now intend to focus on the quality of the customer's journey,” said Ahmad Zalat, founder and CEO of Flick.
"In the future, we are looking to cooperate with the Saudi and UAE government, PayTabs Gateway, as well as several banks in Egypt, UAE, and KSA, “ he added.
Flick will use the new funds to grow its team and boost its marketing efforts across its four key markets where large populations of the Egyptian diaspora are based in Jordan, the UAE, Kuwait and Saudi Arabia.
Last year, $26 billion was remitted to Egypt of which $18.8 billion came primarily from Egyptians living in the GCC.