Egypt's Sahl raises $6m to digitize household utility payments
TLDR
- Fintech Sahl secures $6 million in funding rounds led by Ayady for Investment and Development. Founded in 2020, Sahl is a bill payment platform with direct integration with government entities.
- Sahl plans to expand services with funds raised, aiming for growth in Saudi Arabia post successful launch in the UAE.
- Co-founders Ahmed Othman, Ibrahim Assal, and Abdullah Assal drive Sahl's mission of enabling users to recharge prepaid cards efficiently.
Cairo-based fintech Sahl has secured $6 million in Series A and seed funding rounds, led by Ayady for Investment and Development, with participation from existing investors Egypt Pay, Delta Electronic Systems, and eFinance.
Founded in 2020 by Ahmed Othman, Ibrahim Assal, and Abdullah Assal, Sahl is a bill payment platform enabling users to recharge prepaid cards and is among the few Egyptian companies directly integrated with multiple government entities.
The newly raised funds will be utilized to enhance and expand Sahl's services, with plans to extend its operations to Saudi Arabia following its regional launch in the UAE.
Key Takeaways
Sahl's strategic vision is to dominate Egypt's burgeoning EGP 2.5 trillion ($54 billion) digital payments sector by capturing a significant portion of collections on behalf of utility companies, which represents an annual EGP 250 billion segment. Since its founding in 2020, Sahl has emerged as a major player in the Egyptian fintech landscape, serving over 12 million customers monthly and reaching 15 million households in Egypt. The company's growth and integration with multiple government entities underscore its pivotal role in facilitating digital payment transactions within the country.
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