6-figure Pre-seed funding raised by Egyptian real estate fintech startup Boyot

In preparation for its expansion into Kuwait, the Egyptian company Boyot has acquired a six-figure pre-seed round of investment. Boyot provides an end-to-end operating system for payments and financial services that is completely focused on the real estate industry.

Boyot, a company founded in 2020 by Mahmoud El Sabongy, Khaled El Refaay, and Mohamed Sayed, enables real estate companies to digitize every aspect of their payment processes and follow the progress of client payments in real-time. Additionally, businesses may use its APIs to offer and introduce financial solutions like buy now, pay later (BNPL).

In May, when the startup’s official commercial activities began, Misr Asset Management Company, the real estate division of Misr Insurance Company, became its first corporate customer.

In order to assist Boyot to launch an office in Kuwait later this year, it has now obtained a six-figure pre-seed fundraising round from a Kuwaiti company.

Boyot also has ambitions to employ people from the tech and business sectors and to invest in the technology behind its products.

“Poor cash flow management is one of the key challenges hurdling the growth of small and medium-sized businesses (SMBs) operating in the local real estate market in Egypt. About 85 percent of merchants don’t get their receivables through cheques,” said El Sabongy.

“Instead, they either send out agents to perform cash transactions or get the payment through a bank transfer. Irregular cash collection methods ultimately translate into lower margins. As merchants scale, the payment collection process becomes more and more complicated and far from straightforward, leaving businesses struggling with inconsistent gains.”