Previous Post
Egypt’s Furniture Trendsetters Al Cazar are Launching an Epic Collection on Saturday
Next Post
How Egypt’s Tourism Began Recovering Without the UK and Russia

Airbnb Just Bought Tilt, a Startup co-Founded by Egyptian Entrepreneur Khaled Hussein

Tilt, co-founded by the Alexandrian entrepreneur in 2012, enables peer-to-peer payments and would now allow the Silicon Valley giant to offer travelers the chance of splitting costs.

Silicon Valley giant Airbnb has just finalized a deal to buy Tilt, a social payment startup co-founded by Egyptian entrepreneur Khaled Hussein and James Beshara, for an undisclosed amount.

According to TechCrunch, Airbnb acquired the company in a move to gain top talent in the payments space to complement trip-booking. Recently, the startup – now valued at $30 billion – acquired Luxury Retreats, and in the past year they also bought ChangeCoin and Trip4real.

Founded in 2012, Tilt was one of the pioneers in peer-to-peer payments, competing with PayPal’s Venmo and Square Cash. According to its founders, more than 500,000 groups completed trips and split bills via its system so far. The move would thus allow Airbnb to offer travelers the chance of sharing the cost of a rental and, since one of the company’s edges is handling cross-currency payments, Airbnb could also leverage on it when matching travelers internationally.

Egyptian co-founder Hussein, who hails from Alexandria, had studied Computer Science and Human Computer Interaction at Virginia Tech, and was starting his PhD program when he joined his first startup, which was acquired by Rackspace.  

In an interview with TechCrunch, Alexandria-born entrepreneur Hussein said that the Egyptian revolution had much to do with his joining Tilt. The company, which started off when his co-founder Beshara was working in South Africa, was initially a spin off a startup where people could collaborate and donate to international development organizations. “Around that time I was thinking about social impact; the first Egyptian revolution was happening on Facebook, [and I was] seeing how tech could have a huge impact on people’s lives,” he said. “James was pitching Tilt to me, and I was like, that’s it. That’s where I’m gonna go.”

The startup had previously sealed an investment deal of over $60 million, which included heavy weights like SV Angel Andreessen Horowitz and Reddit co-founder Alexis Ohanian. Although the amount of the acquisition was undisclosed, some estimate it at over the $60 million Tilt had previously raised.


Todays Events
Cocoon @ Cairo Jazz Club
Clubs
Date: 3/26/2017
Time: 10:30pm - 2:00am
Venue: Cairo Jazz Club
3enabi Night ft. Basheer @ Underground Cairo
Clubs
Date: 3/26/2017
Time: 9:00pm - 3:00am
Venue: Underground Cairo
Urban Sunday @ The Tap Maadi
Clubs
Date: 3/26/2017
Time: 10:00pm - 2:00am
Venue: The Tap Maadi
Screening: 24-Hour Party People @ Cimatheque
Film
Date: 3/26/2017
Time: 7:00pm - 9:00pm
Venue: Cimatheque
#D-CAF: Look Out @ The Greek Campus
Kids Activities
Date: 3/26/2017
Time: 2:00pm - 7:30pm
Venue: The Greek Campus
Screening: From Dusk Till Dawn @ Room Art
Film
Date: 3/26/2017
Time: 8:30pm - 10:30pm
Venue: Room Art Space
Zawya Cinema: Out on the Street @ Darb 1718
Film
Date: 3/26/2017
Time: 7:00pm - 9:00pm
Venue: Darb 1718
Screening: Footnote In Ballet History @ Zawya
Film
Date: 3/26/2017
Time: 7:30pm - 10:00pm
Venue: Zawya