Kashat is Egypt’s first nano lending smartphone application, founded in 2019 by Sumair Farooqui and Karim Nour. It offers short-term loans ranging from EGP200 (US$13) to EGP1,500 (US $95) with a repayment schedule of up to 61 days. The product is intended for Egyptians who do not have access to banking services.
The business received investment from Cairo Angels in April to extend its product portfolio and grow operations, and it has now added to that with a bridge deal for US$1.75 million. The round is led by Launch Africa, a pan-African fund, and includes Cairo Angels once again.
Kashat plans to utilize the money to sustain and improve its platform as well as expand its operations.
“With the growth in customer purchasing power, increased financial inclusion, and democratised access to a broader array of goods and services, consumers across Egypt are desperate for a timeous, efficient, digital-friendly, and affordable lending solution. Kashat is making broad, bold strides towards this goal and we are proud to be backing them on this journey,” said Launch Africa managing partner Zachariah George.
