Egyptian Fintech Startup Sahl Raises $6 Million in Series A Funding Round

Sahl’s Strategic Partnerships

The Egyptian fintech startup Sahl has raised $6 million through a Series A funding round led by the investment firm Ayady for Investment and Development. Joining the investment firm in this funding round were existing Sahl investors including Egypt Pay, Delta Electronic Systems, and E-Finance.

According to a statement, the startup is poised to leverage the capital raised to refine and develop new offerings, as well as to enhance the user experience. Additionally, Sahl plans to use the funds to expand into the Kingdom of Saudi Arabia (KSA) and to strengthen its position in Egypt.

The startup has said it aims to cement its leadership position by entering into partnerships that will open new distribution channels, among other initiatives. Commenting on the startup’s successful capital raise, Abdullah Assal, CEO of Sahl, stated:

“At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services. Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”

As revealed in the statement, Sahl is among the few fintech startups collaborating with government entities. This collaboration allows its users to access services from Egypt’s utility companies, mobile network operators, and gas distributors, among others.

Meanwhile, Hazem Kamel, private equity and investment manager at Ayady for Investment & Development, said his firm’s investment in Sahl reflects its belief in the startup’s capacity to redefine Egypt’s bill payment landscape.

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