To launch its remittances platform, expand its team, and acquire necessary licenses, the Egyptian fintech startup Balad has raised a seven-figure USD pre-seed round of funding.
Adham Azzam, Sally Asaad, and Mohamed Assem founded Balad in 2022, a remittance-driven financial service provider that serves immigrant families. Through Balad prepaid cards, the startup provides lower transfer fees and immediate delivery of inward remittances.
Acasia Ventures, formerly known as Cairo Angels in Egypt, served as the round’s lead investor in addition to Launch Africa Ventures, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices.
Balad will use the investment to launch its remittance platform, create the platform’s technology, hire new staff, acquire the necessary licenses, and finish integrations with its banking partner.
“Acasia Ventures has been an instrumental lead investor for our pre-seed round, as it supported the founders from the start and facilitated our access to other funding partners. We are excited to leverage Acasia Ventures’ expertise, African connections, and synergies with its portfolio companies,” Azzam said.
“Balad is led by a seasoned executive team that has demonstrated its ability to bring such a vital product to the market,” Acasia Ventures managing partner Aly El Shalakany said. “Its offering is very unique and distinctive in that it provides remittance receivers with a quick and cheap solution to financial access, broadening the umbrella of financial inclusion across Egypt and the GCC.”
