Kashat aims to cater to two-thirds of Egypt's population who remain unbanked.
Egyptian fintech startup, Kashat, has announced that it has raised a new investment from the Cairo Angels, a global network of angel investors focused on supporting startup opportunities in MENA.
Kashat was founded by Sumair Farooqui and Karim Nour, and is the first nano lending mobile application in Egypt, offering short term loans from EGP 200 to EGP 1500 with a repayment plan up to 61 days. The product is designed to serve unbanked Egyptians, which comprise almost two-thirds of the population.
"We are pleased to have closed this investment round, which is the largest investment in Cairo Angels' history. Kashat has been recognised as one of the top Fintech players, having launched a unique product that caters to the Egyptian market’s needs. We are confident in the Kashat team's ability to succeed in the Egyptian market and beyond,” said Aly El Shalakany, Chairman of the Cairo Angels.