Kashat raises investment from Cairo Angels
- The Cairo Angels has invested in Egypt-based FinTech startup Kashat. The amount invested was not disclosed but the angel network claims it is the largest in its history.
- Founded by Sumair Farooqui and Karim Nour, Kashat is Egypt’s first nano-lending mobile application, offering short term loans from EGP200-1500 with a repayment plan of up to 61 days.
- The investment will be used to fuel Kashat’s growth.
- About two-thirds of Egypt’s population remains unbanked, a segment of the population that Kashat is catering to.
The Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East and Africa, is delighted to announce its most recent investment in the financial technology startup Kashat.
Founded by Sumair Farooqui and Karim Nour, Kashat is the first Nano lending mobile application in Egypt, offering short term loans from 200 EGP to 1500EGP with a repayment plan up to 61 days. The product is designed to serve unbanked Egyptians, which comprise almost two-thirds of the population.
"We are grateful to Cairo Angels for putting their trust and faith in our mission and becoming part of our journey. We are excited to enter the next phase of our growth where we will continue to innovate to deliver solutions that help enhance opportunities for our users to be included in the wider financial system of Egypt," stated Sumair Farooqui, Founder of Kashat.
"We are pleased to have closed this investment round, which is the largest investment in Cairo Angels' history. Kashat has been recognized as one of the top Fintech players, having launched a unique product that caters to the Egyptian market’s needs. We are confident in the Kashat team's ability to succeed in the Egyptian market and beyond,” said Aly El Shalakany, Chairman of the Cairo Angels.