Fintech
Egyptian fintech Sahl raises $6 million to expand offering as full-service financial services provider
Salh, a Cairo-based fintech startup, has raised $6 million in joint and Series A funding. The startup plans to leverage these funds to create and develop better offerings as a comprehensive financial services provider.
The financing round was led by Ayady, an Egyptian investment and development company. Existing investors Egypt Pay, Delta Electronics Systems and E-finance also participated in the round.
“We are thrilled to announce our investment in Sahl,” said Hazem Kamel, managing director of NI Capital, Private Equity and Investment Manager at Ayady for Investment and Development. “This strategic move reflects our firm belief in Sahl’s ability to redefine the bill payments landscape in Egypt, driving greater financial accessibility and convenience for all.”
How Sahl plans to redefine bill paying
Founded in 2020 by Ahmed Othman, Ibrahim Assal and Abdullah Assal, Sahl is a bill payment platform that allows users to top up prepaid cards. The startup serves 15 million households and over 12 million customers, processing billions of Egyptian pounds every month. The fintech company plans to offer a one-stop shop for families who need to pay household bills, this is done in collaboration with government bodies.
Sahl already provides users with access to a range of bill payment services, including utilities such as water, electricity, gas, telecom top-ups, tariffs, TV subscriptions and even donations.
The company plans to realize its vision of being the dominant player in facilitating digital payment transactions by capturing a significant amount of receipts on behalf of utility companies, a segment that grosses a sizable EGP 250 billion annually. To solidify its leadership position, Sahl plans to form strategic partnerships with collaborative technology initiatives, co-marketing opportunities and create new distribution channels.
“At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and then expanding to water, gas, telecommunications and various other essential services,” said CEO, Abdullah Assal. “Our innovative use of NFC technology eliminates the need for consumers to leave home to top up prepaid cards, saving valuable time and effort.”