Egypt: Cassbana, the Egypt-based startup that uses AI to run a behavior-based credit scoring system, has raised a $1M Seed funding round, led by Disruptech.
The company develops technology solutions and advanced data services that enable companies and service providers to create a financial identity for customers using artificial intelligence techniques, especially those who do not benefit from banking services in the Egyptian market.
Haitham Nassar, Founder, and CEO of Cassbana commented, “We aim to establish financial identities for those dealing with institutions and service providers contracting with us, in order to enable these clients to obtain financial services, whether to grow their business or bypass any unaccounted risks. Without this financial identity, many suffer from uncomfortable and expensive options for obtaining financial services or no options at all.
The company launched its services on a trial basis in June of last year, with one service provider in Cairo, and after six months, were dealing with more than 20 service providers in Cairo, the Delta, and Canal cities, and we will start work in Upper Egypt this month. Haitham pointed out that they are aspiring to reach everywhere in Egypt and to succeed in creating financial identities for one million customers before the end of 2021.
Cassbana will use the funds to grow the business and expand its operations in the local market, as well as its strategic vision regionally and globally.