Founded less than a year ago, the fintech startup is poised to take its financial solutions of gig-workers and micro-businesses to the next level.
Cairo-based fintech startup, Dayra, has announced that it has closed a pre-seed funding round of $3 million, as well as its acceptance into US-based Y Combinators winter 2021 batch. Touted as the largest debt and equity pre-seed funding in MENA, the round has been funded by the likes of Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes and Y Combinator, as well as multiple prominent angel investors.
Founded in early 2020 by Omar Ekram, Dayra offers financial services to unbanked gog-workers and micro-businesses. The startup's financial solutions include virtual bank accounts, prepaid cards and instant, hassle-free access to credit at lower costs than the more traditional lenders across Egypt. Dayra has found popularity with everyone from delivery couriers and truck drivers, to businesses such as kiosks and restaurants. By analysing end-user transactions, Dayra is able to create alternative credit scores and virtual identities. So easy to use is the service that businesses can integrate with Dayra in no more than two days, either via API integration or directly through the Dayra app.
This double header of good news marks a remarkable rise for a startup in a short space of time.
“We are thrilled to be part of YC’s W21 batch and to close our pre-seed round,” Ekram said. “This is a key milestone in realising our vision of providing the most accessible financial services solution in MENA, and delivering digital financial services to millions of financially excluded individuals, leveraging on our strategic partnership with EFG Hermes.”
Learn more about Dayra here.