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$850k pre-Series A funding secured by Egyptian fintech startup Raseedi

Raseedi, an Egyptian fintech firm that lets consumers make cheaper calls, pay less, and obtain advance credit, has acquired a pre-Series A fundraising round of $850,000 to help it grow on its strong early success.

Raseedi is a multi-purpose fintech application that allows everyone in its community to interact for less money, pay less, and pay later for various services. Its dialer app has over 10 million monthly visitors and calls.

With involvement from current investors 500 Startups, EFG-EV, and Falak Startups, the business has raised a US $850,000 pre-Series A financing led by Samurai Incubate and a European investor. Raseedi will use the funds to expand even further.

“Since our inception, we have focused on the masses offering them a better way to communicate cheaper. So, once an app becomes the user’s daily trusted dialer, it becomes so much more – the network or circle they trust for how they connect to their community of contacts, friends and family,” said Ahmed Atalla co-founder and chief executive officer (CEO) of Raseedi.

“Users are now calling cheaper, paying telecoms and utility bills, and taking advance telecom credit, but imagine if later people can communicate for free within this community, pay peers and contacts, and borrow from peers, or even get guaranteed by members of their community to receive cash loans. Maybe sooner than later, stay tuned.”

 

 

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