FlexPay, a Kenyan fintech business, has received money from the Cairo Angels Syndicate Fund in order to accelerate its expansion and assist more individuals in avoiding debt.
FlexPay is an online and offline payment platform that allows African retailers to give their consumers interest-free targeted savings. Merchants use FlexPay to let their consumers to pick how and when they pay for high-value goods and services.
Shoppers may stretch the expense over a longer period of time, giving them more freedom and purchasing power. Merchants may use FlexPay as an online checkout option or provide offline in-store flexibility.
The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage firms in the Middle East and Africa, has now provided the startup with an undisclosed sum of financing.
Cairo Angels was Egypt’s first organized network of angel investors when it launched, and it has since become one of the Middle East and Africa’s most active early-stage investors in startups and high-growth firms, with 31 investee companies spanning 18 different industries.
Its syndicate fund is a tiny venture capital fund that focuses on Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa, investing in post-seed and pre-Series A firms.
“We are thrilled to have Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving, we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap,” said Richard Machomba, founder and CEO of FlexPay.
Cairo Angels’ first investment outside of Egypt is FlexPay.
“Richard and Johnson are two stellar founders who have built an amazing fintech platform that flips BNPL on its head by harnessing the power of saving and digitizing the deep-rooted culture of “layaway”. We will be supporting FlexPay with their regional expansion plans in other key Africa markets, including Nigeria and Egypt,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.