Fintech
Egyptian fintech Sahl gets $6 million to expand and improve its services
- Sahl, an Egyptian fintech company, has raised $6 million in Series A and seed funding rounds to operate as a one-stop shop for household bills in partnership with government agencies.
- Ayady for Investment and Development, an Egyptian investment company, led the round together with existing investors Egypt Pay, Delta Electronic Systems and Electronic finance.
- Sahl hopes to transform itself into a comprehensive financial services provider by improving existing offerings and developing new ones. After launching in the UAE, it plans to strengthen its presence in Egypt and expand its regional reach.
According to a declarationthe startup intends to become a leading facilitator of digital payment transactions in of Egypt digital payments sector. It aims to form strategic alliances to enable new distribution channels, collaborative technology initiatives and co-marketing opportunities.
Sahl, founded in 2020 by Ahmed Othman, Ibrahim Assal and Abdullah Assal, is a bill payment platform that allows users to top up their prepaid cards. Since its launch, the startup claims to have served over 12 million customers per month and 15 million households in Egypt.
The startup is one of the few Egyptian companies that integrates directly with multiple government bodies, allowing users to access the services of the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all major telecommunications operators (Vodafone, WE, Orange and Etisalat), Petrotrade for petrol and Cable Network Egypt for TV subscriptions.
Assal said the startup is committed to addressing the challenges consumers face when paying for utilities, starting with electricity and expanding to water, gas, telecommunications and other essential services.
“Our innovative use of NFC technology eliminates the need for consumers to leave home to load prepaid cards, saving valuable time and effort,” he added.
According to a report, Sahl has expanded its reach beyond direct-to-consumer (B2C) capabilities to include the business-to-business (B2B) sector across two distinct product lines.
The Services Gateway serves as a central hub, bringing together bill payment services from other payment processors, digital applications and businesses, resulting in a more interconnected financial ecosystem. Businesses can accept online payments seamlessly with the Acceptance solution, which further simplifies financial transactions.
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