Fintech
Egyptian Fintech Sahl Raises $6 Million to Expand Operations – BitKE
Sahl, an Egyptian fintech based in the capital, Cairo, has secured $6 million in Series A and seed funding led by Ayady for Investment and Development, joining existing investors Egypt Pay, Delta Electronic Systems and E-Finance.
Since its founding in 2020, Sahl has emerged as a significant player in Egypt’s fintech sector, serving over 12 million customers monthly and 15 million households across Egypt. Through its app, users can access a full range of bill payment services, including essential utilities such as electricity, water and gas, as well as telecom top-ups, university fees, television subscriptions and donations.
This service saves users approximately 30 minutes per transaction. Sahl processes billions of Egyptian pounds across a diverse range of more than 50 services.
Thanks to the recent round of funding, Sahl is set to transform into a comprehensive financial services provider. The company will use these funds to:
- Refine and develop new offerings e
- Prioritize a simple, secure and time-saving user experience
Following the successful regional launch in the UAE, Sahl plans to further expand its regional presence by opening offices in Saudi Arabia and strengthening its position in Egypt and beyond.
According to Sahl, its strategic vision is to become the leading facilitator of digital payment transactions in Egypt’s fast-growing EGP 2.5 trillion ($52.5 billion) digital payments market. Their goal is to capture a significant share of revenue for utility companies, a segment worth EGP 250 billion ($5.2 billion) per year. To consolidate its leadership position, Sahl intends to establish strategic partnerships that:
- Open new distribution channels
- Enable collaborative technology projects e
- Create co-marketing opportunities
“At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting from electricity to water, gas, telecommunications and various other essential services,” said Abdullah Assal, CEO.
“Our innovative use of NFC technology eliminates the need for consumers to leave home to load prepaid cards, saving valuable time and effort.”
Sahl is proud to be one of the few companies that integrates with multiple government entities. Through it, users can access the services of the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecommunications operators (Vodafone, WE, Orange and Etisalat), Petrotrade for gas, Cable Network Egypt for TV subscriptions and much more.
“We are thrilled to announce our investment in Sahl. This strategic move reflects our firm belief in Sahl’s ability to redefine the bill payment landscape in Egypt, driving greater financial accessibility and convenience for all,” says Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager of Ayady for Investment & Development.
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