Egypt-based fintech Dayra, has raised a $3 million pre-Seed debt and equity investment from Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes and Y Combinator, as well as multiple angel investors. The investment came shortly after Dayra received backing from Y Combinator and joined its Winter 21 batch.
Dayra provides financial services to the unbanked segment in Egypt, particularly gig workers such as delivery couriers, truck drivers and freelancers, and micro-business owners such as kiosks, small shops, restaurants, and craftsmen. The startup, which was launched by Omar Ekram early in 2020, enables its users to access financial products like virtual bank accounts, prepaid cards and access to credit
Since its launch, Dayra has grown at a monthly growth rate in excess of 50 per cent, and has helped thousands of unbanked individuals access their income early while also processing tens of thousands of transactions worth millions of dollars. The startup also offers short to long-term loans ranging from $100 to $1500,with an average loan size of $500.
“We are thrilled to be part of YC’s W21 batch and to close our pre-Seed round. This is a key milestone in realising our vision of providing the most accessible financial services solution in Mena, and delivering digital financial services to millions of financially excluded individuals, leveraging on our strategic partnership with EFG Hermes,” said Omar Ekram, founder and CEO of Dayra.
The company plans to use the funds to grow its team as well as develop new product features.
EFG Hermes has “ funneled key investment capital in the company through EFG EV Fintech and also offered a bespoke, multi-million financing facility by way of our factoring and leasing arm EFG Hermes CorpSolutions”, said Walid Hassouna, CEO of the NBFI Platform at EFG Hermes and group head of debt
“We are confident that Dayra has the tools in place to make the impact it hopes to see in the market, and we’re proud to be helping them get there,” he added.