Egypt’s Qardy gets pre-seed funding for digital lending platform

STARTUP VENTURE CAPITALAugust 6, 2024 at 12:30 PM UTC

TLDR

Qardy, Egypt fintech startup, secured a significant pre-seed investment from White Field Ventures and Vastly Valuable Ventures founders.
Qardy, established in 2022, offers digital lending solutions for MSMEs in Egypt.
The recent funding enables Qardy to strengthen its platform features and extend services across MENA region.

Egypt-based fintech Qardy has raised an undisclosed seven-figure pre-seed round, with investments from White Field Ventures, Vastly Valuable Ventures, and other angel investors.

Founded in 2022, Qardy is a digital lending marketplace that provides micro, small, and medium-sized enterprises (MSMEs) with financing solutions to support their growth.

The new capital infusion will enable Qardy to further enhance its platform capabilities and expand its service offerings to other MENA countries.

Key Takeaways

Lack of access to working capital remains a huge problem facing the growing small and mid-sized retail sector in emerging and frontier markets, including Africa. Available data shows a $330 billion financing deficit for the small enterprises that make up 90% of businesses on the continent—and it’s a problem several startups and foreign investors are particularly keen to address as it promises attractive returns. Egypt has emerged as a hub for innovative digital lending platforms that leverage technology to offer financial solutions to underserved individuals and businesses. These platforms, based in Cairo and beyond, provide a range of lending products catering to various needs, including personal loans, microloans, and business loans.

Venture Capital

Digital Lending

Egypt

Fintech

Startups

Qardy

Business Lending

MSMEs

SMEs