The startup offers an inexpensive solution for structured debt repayment through a trackable plan of fixed, lower monthly installment.
Cairo-based fintech startup and credit card management platform, CreditFins, has secured an undisclosed amount in a pre-seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding and a handful of other strategic angel investors specialized in tech and investment.
The startup offers an inexpensive solution for structured debt repayment through a trackable plan of fixed, lower monthly installment. Customers save anywhere from 20 to 50 percent of the interest they would have paid to the bank.
The total outstanding credit card debt in Egypt totaled more than $2 billion in 2019 with Egyptians falling into vicious debt cycles due to misinformation and lack of awareness. CreditFins is applying a customer-centric approach to the problem in hopes of granting its customers financial freedom.
“Credit card debt is a moving target that’s hard to settle,” said co-founder and CEO, Sherif Radi. “At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated.”
The startup is working to launch the ‘CreditFins Alpha’ card, as it endeavours to make its credit card management platform more attractive to a wider segment. At the core of the startup's success is a high-caliber team equipped with a wealth of industry experience—a key attraction for investors.