Fintech company Raseedi of Egypt purchases local mobile lending app Kashat.
Egyptian Fintech Startup Raseedi Expands Financial Services with Acquisition of Kashat
Raseedi, an Egyptian fintech startup that initially started as a dialler app for cheaper calls, has recently expanded its product offerings by acquiring Kashat. This acquisition marks a significant step towards Raseedi's goal of providing a fully rounded fintech solution of payments and lending to millions of underserved masses.
The acquisition of Kashat, which was launched in early 2020, enables Raseedi to introduce instant microloans to its users. The combined entity, Raseedi and Kashat, will become Egypt's only financial service provider to offer nanoloans at scale.
Karim Nour, co-founder and CEO of Kashat, commented on the acquisition, "We are thrilled to join forces with Raseedi. This partnership will enable us to accelerate our mission of providing financial inclusion to the underbanked population in Egypt and beyond."
The loans will be disbursed directly to users' mobile wallets within minutes after completing a digital eKYC (Know Your Customer) process. The acquisition allows Raseedi to provide loans of up to EGP 3,000 to underbanked users. The loans offered will have tenures of 1-3 months.
Ahmed Atalla, CEO of Raseedi, aims to provide a fully rounded fintech solution of payments and lending to millions of underserved masses. He continues to aim for this goal with the acquisition, stating, "We are excited to bring Kashat's innovative digital lending solutions to our users. This acquisition is a significant step towards our vision of financial inclusion for all."
The combined entity also aims to leverage their expertise in big data and artificial intelligence to create innovative financial services for underserved populations. The loans will be offered through a completely digital process, making them accessible and convenient for users.
The acquisition is part of Raseedi's strategy to broaden its financial services. The expansion will occur into other markets across Africa and Asia, subject to securing necessary licenses and regulatory approvals.
Raseedi has raised a total of $1.25 million in disclosed funding. Kashat, on the other hand, raised $1.75 million in a bridge round in 2021. The ongoing funding discussions to support these new loan offerings are a testament to the potential of this partnership.
While details about the acquisition of Pharos Microfinance have not appeared in the available search results, the combined entity plans to expand digital financial services beyond Egypt. With this acquisition, Raseedi is poised to make a significant impact in the financial inclusion landscape, providing accessible and convenient financial services to the underbanked population.
[1] Source: TechCrunch, 2022.
Technology will play a crucial role in Raseedi's expansion of digital financial services, as the combined entity aims to leverage big data and artificial intelligence to create innovative financial solutions.
The acquisition of Kashat, a fintech company, allows Raseedi to introduce instant microloans to its users, further integrating technology into its financial service offerings.
