The pre-seed funding round for Fincart.io, a platform that helps e-commerce SMBs improve shipping and unlock working capital, was successfully closed today for an undisclosed sum. With participation from top regional and global investors like Plug and Play, Orbit Startups, Jedar Capital, and other regional investors, Plus VC, the most active VC in the MENA, led the round.
The recently raised money will be used to expand Fincart.io’s courier network, enhance its technological platform, and assist the rapidly expanding e-commerce markets in the Middle East and Africa. Given the billions of dollars already spent on e-commerce logistics, Fincart.io is addressing significant shipping issues in a market with enormous growth potential.
Fincart.io was founded in 2023 by Mostafa Elmasry and Nihal Ali to address the issue of unreliable shipping that prevents e-commerce SMBs from growing. The platform provides quick access to working capital and economical, effective delivery options, streamlining operations for online sellers.
“We are thrilled to be backed by such esteemed and astute investors who not only provide capital but also have vast strategic experience in the region,” said Mostafa Masry, co-founder and CEO of Fincart.io. Closing this round is a milestone achievement that underscores the immense potential of our market and the confidence our esteemed investors have placed in our vision and strategic approach to redefine e-commerce logistics in the region.”
“At Fincart.io, our strategy is to empower small and medium online sellers to scale through a seamless platform. They can connect their website, manage orders, access Africa’s largest courier network, and unlock working capital. Our 4x year-over-year growth and strong organic referrals prove stand as testament that we are solving critical challenges for online sellers across the region.”
Fincart.io is well-positioned to meet a pressing need for effective and integrated shipping solutions, as the e-commerce market in Africa and the Middle East is expected to reach $75 billion by 2028, encompassing over 4 million small and medium-sized online sellers.By consolidating the biggest shipping partner network onto a single platform, Fincart.io gives sellers unmatched scalability and convenience.
“Fincart.io’s impressive growth and strong merchant and courier networks underscore our leadership in e-commerce logistics,” said Nihal Ali, co-founder and COO of Fincart.io. “Our platform enhances SMBs’ delivery performance with a courier recommendation engine, consolidated payments, and exclusive shipping rates. Merchants benefit from improved efficiency, full coverage, and tools to drive growth and scale seamlessly.”
Hasan Haider, Founder and Managing Partner of Plus VC, said: “We are proud to back Mostafa, Nihal and the team as they tackle one of the most critical challenges in e-commerce logistics. Fincart.io’s innovative platform empowers SMBs to overcome logistical barriers and scale seamlessly. With exponential growth and a deep understanding of the market, Fincart.io is well-positioned to become pioneers in this field and an indispensable partner for SMBs across the region.”
“Ecommerce in MENA is taking off, set to exceed US$50b this year. Small businesses that want to sell online need efficient shipping to sell profitably.” Said William Bao Bean, Managing General Partner at Orbit Startups. “We believe Fincart will be able to take eCommerce fulfilment to the next level for both merchants and carriers providing financing solutions that empower merchants across the region.”
Sherif Nessim, Founder & Managing Partner of Jedar Capital, added, “E-commerce is one of the fastest-growing sectors in the Middle East & Africa. Logistics & delivery delays remain one of the biggest challenges in the sector that affect customer satisfaction. It was very clear to me how Fincart’s data-driven approach can play a pivotal role in addressing these challenges, and helping e-commerce business owners with their extensive courier partners makes them a go-to for businesses looking for reliable shipping solutions.”
Fincart.io continues to be committed to providing merchants with the resources they require to expand easily in a constantly expanding market, even as it speeds up its goal to revolutionize e-commerce logistics.
