Egyptian fintech startup Flash raised $6 M Seed funding to accelerate product development
Cashless payment app in Egypt Flash has raised US $6 million in a seed round to hasten the development of its products as well as the acquisition of new clients and clients.
Flash is a payment application that offers cashless payment solutions for customers and businesses through a scan-and-pay service. It was founded in 2021 by Uber alumni Erik Gordon and Sherine Kabesh.
The app enables users to make purchases with their phones by scanning a QR code that is displayed by a company in-store or during delivery and adding any existing bank card or digital wallet once. Consumer payments can be accepted directly by businesses without the use of technical integration or point-of-sale (POS) systems.
With participation from Flourish Ventures and other strategic angel investors, Addition led the startup’s US $6 million seed round, which will be used to help it scale more quickly. Flash and Banque Misr have also been given permission by the Central Bank of Egypt to work as technical payment aggregators.
According to Gordon, CEO of Flash, the company is “excited and proud” to be introducing a new contactless payment method in Egypt.
“Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS. Our goal is to make payments easier, safer, and faster for everyone. We are also excited to be releasing new features to help consumers make better spending decisions,” he said. “We are humbled by this seed investment, which will enable us to invest in our product and business and customer acquisition, and utilise the valuable insights of our experienced investment partners to advance the economy of Egypt.”
According to Andrew Miskiewicz of Addition, Flash is changing the payments landscape in Egypt by providing consumers and businesses with a secure and user-friendly application that simplifies the complicated transactional process.
“We look forward to supporting Flash and its leadership team as they continue to accelerate product development, expand customer bases and help promote financial inclusion,” he said.
