In order to operate as a one-stop shop for household bills in conjunction with government agencies, the Cairo-based startup Sahl has raised $6 million in Series A and seed funding. Leading Egyptian investment firm Ayady for Investment and Development led the Series A round, joining previous investors Egypt Pay, Delta Electronic Systems, and E-Finance on the cap table. Ayady for Investment and Development has a proven track record of assisting creative startups.
Sahl is poised to transform into a comprehensive financial services provider, propelled by the latest round of funding. Using the money, the company will improve and create new products with an emphasis on a seamless, quick, and safe user experience.
Following a triumphant regional debut in the United Arab Emirates, Sahl intends to enhance its regional reach by instituting offices in the Kingdom of Saudi Arabia and fortifying its standing in Egypt and other regions.
Sahl’s strategic goal is to take the lead in Egypt’s rapidly expanding EGP 2.5 trillion digital payments market by enabling digital payment transactions. Their objective is to attain this by procuring a substantial share of collections on behalf of utility companies, a sector that generates a substantial EGP 250 billion in revenue per annum. In order to maintain its position as a market leader, Sahl intends to establish strategic alliances that will open up fresh avenues for distribution, joint technological projects, and co-marketing opportunities.
“At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services,” said Abdullah Assal, CEO. “Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”
Ahmed Othman, CPO, added, “Sahl is our direct contribution to offering a world-class experience in terms of reliability & UX in a market that has always compromised the end user.”
Sahl is noteworthy for being one of the few Egyptian businesses that integrates directly with multiple government agencies. With this, customers can easily access services from a variety of providers, including the New Urban Communities Authority (NUCA) for water, Petrotrade for gas, Cable Network Egypt for TV subscriptions, Etisalat, WE, Orange, and Vodafone for all telecom operators, and the Egyptian Electricity Holding Co. (EEHC).
Through two different product lines, Sahl has been strategically reaching out to the business-to-business (B2B) market in addition to its direct-to-consumer (B2C) functions. In order to promote a more integrated financial ecosystem, the Services Gateway serves as a central hub that aggregates bill payment services for different payment processors, digital applications, and businesses. Businesses can now easily accept online payments thanks to the Acceptance solution, which further streamlines financial transactions.
