Fintech
Egyptian fintech Sahl raises $6 million in joint Seed and Series A funding round
A fintech based in Cairo Sahlwhich helps families pay bills, has raised $6 million in a Series A and joint funding round. The company will leverage these funds to refine and develop new offerings as it looks set to evolve into a full-service provider of financial services.
The funding round was led by Ayady for Investment and Development, a leading Egyptian investment firm with a strong track record of supporting innovative startups. Joining the investment firm on the cap table are existing investors Egypt Pay, Delta Electronic Systems and E-Finance.
Speaking about the financing, Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager at Ayady for Investment and Development, the company’s investment reflects their confidence in the startup’s ability to redefine bill payment in Egypt.
“We are excited to announce our investment in Sahl. This strategic move reflects our firm confidence in Sahl’s ability to redefine the bill payments landscape in Egypt, driving greater financial accessibility and convenience for all.“Mr. Kamel said.
How Sahl is trying to redefine bill paying
Founded in 2020 by Ahmed Othman, Ibrahim Assal and Abullah Assal, Sahl is a bill payment platform that allows users to top up prepaid cards. The fintech plans to become a one-stop shop for household bills in collaboration with government bodies. The company is proud to be one of the few Egyptian companies that directly integrates with various government bodies.
The company says its strategic vision is to become the dominant player in facilitating digital payment transactions within Egypt’s booming EGP 2.5 trillion digital payments sector. They aim to achieve this by capturing a significant portion of the collections on behalf of utility companies, a segment that represents a considerable EGP 250 billion per year. To solidify its leadership position, Sahl plans to create strategic partnerships that unlock new distribution channels, collaborative technology initiatives and co-marketing opportunities.
Speaking about its plans, CEO, Abdullah Assal, said that the startup is addressing challenges that consumers face in different industries.
“We at Sahl are committed to addressing the challenges faced by consumers in utility payments, starting from electricity to water, gas, telecommunications and various 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,” she said.
Sahl is also one of the few Egyptian companies that directly integrates with various government bodies. This integration allows its users to conveniently access the services of the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecommunications operators in the country (Vodafone, WE, Orange and Etisalat ), Petrotrade for gas, Cable Network Egypt for TV subscriptions and many others.
The startup’s Chief Performance Officer, Ahmed Othman, noted that “Sahl is our direct contribution to offering a world-class experience in terms of reliability and UX in a market that has always compromised the end user.”
Since its inception in 2020, Sahl has become a major player in the Egyptian fintech landscape, serving over 12 million customers monthly and 15 million households in Egypt. Through the app, users can access a suite of consumer bill payment services, including essential services such as electricity, water and gas, along with telecom top-ups, university fees, TV subscriptions and donations, saving everyone ‘user about 30 euros. minutes on each transaction. They process billions of Egyptian pounds across a diverse range of over 50 services.
Recently, Sahl has strategically expanded its reach beyond direct-to-consumer (B2C) capabilities by targeting the business-to-business (B2B) sector through two distinct product lines. The Services Gateway functions as a central hub, aggregating bill payment services for other payment processors, digital applications and various businesses, fostering a more interconnected financial ecosystem. The acceptance solution allows businesses to accept online payments seamlessly, further simplifying financial transactions.
“We have developed the world’s first mobile solution for charging utility meters using NFC technology.” Said Ibrahim Assal, CTO.
The company’s founders have a proven track record of revolutionizing the financial services and payments landscape in Egypt, and each member brings unique skills critical to their ambitious vision. CEO, Abdullah Assal, brings deep industry knowledge as vice president of Globaltronics, a dominant player in the utility meter market in Egypt. The CPO, Ahmed Othman, was an investment banker at CI Capital. Ibrahim Assal, has gained experience at tech giants such as Palantir, Careem (an Uber company) and Microsoft and will lead the technology direction of the company.
The company said it will leverage the new funds to refine and develop new offerings, prioritizing a simple, secure and time-saving user experience. After a successful regional launch in the UAE, the startup plans to further expand its regional presence by opening offices in Saudi Arabia and strengthening its position in Egypt and beyond.
See also: Egyptian startups get major boost as Sawari Ventures launches $150 million fund