Qardy has announced that it has successfully secured a $7-figure pre-seed round of investment, with participation from White Field Ventures and Vastly Valuable Ventures among other Angel Investors. Qardy is the first digital lending marketplace in Egypt and the MENA region for financial institutions to fund MSMEs (Micro, Small, and Medium Enterprises). This noteworthy accomplishment highlights investors’ faith in Qardy’s creative financial services approach and growth prospects.
Qardy has rapidly made a name for itself as a reliable partner for financial institutions and MSME’s since their soft launch in late 2022. On its platform, Qardy has more than 1,000 corporate clients and has completed more than 550,000,000 Egyptian pounds, or about $12 million, in loan transactions.
Qardy has committed itself to transforming Egypt’s financial services industry. They provide a wide range of customized financial programs through their state-of-the-art technology to assist MSMEs (Micro, Small, and Medium Enterprises) with their working capital and capital expansion needs. They accomplish this by utilizing their extensive network of financial institutions, which consists of microfinance firms, leasing companies, factoring companies, national and commercial banks.
“We are thrilled to have reached this important milestone in our journey,” said Tamer El-Manasterly, COO of Qardy. “The support and trust of our investors have been instrumental in driving our growth and enabling us to expand our reach and impact in the market. This investment will allow us to further enhance our services, as well as accelerate our plans for expansion in KSA and the region.”
500 Global stated their support for Qardy and their conviction in its goal of democratizing financial services access in a statement expressing their dedication to the company.
Amal Dokhan, Managing Partner at 500 Global says “We are thrilled to support Qardy in their journey towards empowering businesses with accessible and efficient financial solutions. We are confident in their ability to drive positive change in the fintech sector.”
In a statement regarding the investment, White Field Ventures expressed their enthusiasm for partnering with Qardy and their belief in the company’s mission to disrupt the lending landscape in Egypt and the KSA. Kapil Agrawal, Managing Director, shared, “We are thrilled to stand behind Qardy’s exceptional team as they drive forward with their vision to transform the lending sector in the region. Qardy’s adept execution capabilities and unwavering commitment to customer-centric solutions are in perfect alignment with our investment ethos. We are excited about the achievement Qardy has reached and are fully prepared to support its expansion into the KSA. We are confident in their ability to achieve continued success.”
Qardy has swiftly established a stellar reputation for excellence in the financial services industry by placing a strong emphasis on efficiency, transparency, and customer satisfaction.
