Egypt: Dayra, a Cairo-based Fintech startup providing unbanked gig-workers and micro-businesses with financial services, has closed a debt and equity Pre-Seed round of $3M.
The startup, which has been funded by Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes, Y Combinator, and multiple prominent angel investors, has also joined Y Combinator’s Winter 21 batch.
Dayra was founded in early 2020 by Omar Ekram with the chief aim of improving the lives of millions of unbanked individuals in MENA, beginning with Egypt. It empowers companies to provide their unbanked gig-workers and customers with financial solutions, via API integrations, while taking the payment disbursement hassle off those companies, and allowing them to extend their payment terms. Dayra’s financial solutions include virtual bank accounts, prepaid cards, and access to credit.
Analyzing end-user transactions enables Dayra to create alternative credit scores and virtual financial identities for them. Businesses can integrate with the platform in two ways: 1. Offer Dayra’s financial solutions directly from within their app using the API integration or, 2. If they don’t have their own app or portal, they can use Dayra’s app directly.
Omar Ekram, Founder and CEO of Dayra said, “We are thrilled to be part of YC’s W21 batch and to close our Pre-Seed round. This is a key milestone in realizing our vision of providing the most accessible financial services solution in MENA, and delivering digital financial services to millions of financially excluded individuals, leveraging on our strategic partnership with EFG Hermes.”
The startup plans on doubling its team members to grow the company and build out new product features.