Kashat, an Egyptian microloan solutions provider, has closed $1.75 million funding round.
The bridge round was led by the Launch Africa Ventures with the participation of several key regional investors including previous investor, Cairo Angels.
Founded in 2019, Kashat is on a mission to positively impact financial inclusion in Egypt, and the Arabic-speaking world at large, by providing accessible, seamless and productive financial services.
Through its user-friendly mobile platform, Kashat provides nano financial services currently in the form of small loans for the unbanked and under-banked demographics in Egypt.
The Egypt-based fintech plans to utilise its newly acquired funds to further support and develop its platform, as well as expand its operations.
Commenting on its investment in Kashat, Managing Partner Launch Africa Ventures Zachariah George said: “With the growth in customer purchasing power, increased financial inclusion and democratised access to a broader array of goods and services, consumers across Egypt are desperate for a timeous, efficient, digital-friendly and affordable lending solution.
“Kashat is making broad, bold strides towards this goal and we are proud to be backing them on this journey.”