The cashless payments fintech Flash has generated US$6m in seed funding, which it says will be used to accelerate its product development, as well as its business and customer acquisition attempts in its native Egypt.
Flash: backing a government-approved fintech
Flash has posed an attractive investment proposition after receiving approval from the Central Bank of Egypt to operate as a technical payment aggregator in partnership with Banque Misr.
Specific product development funding in Flash will enable includes the growth of its scan and pay service – an app that allows Egyptian consumers to complete mobile purchases by adding existing digital wallets or bank cards to its platform before paying via QR codes.
This method of payment negates the need for point-of-sale (POS) systems or other technical integrations.
Achieving growth in a Flash
With this latest funding following Central Bank of Egypt approval, Flash has swiftly risen through the ranks since its founding just two years ago in 2021.
The fintech has tapped into a niche payments window, with around 20% of Egyptians opting not to pay with cash finding QR code payments to be their primary form of digital payment; many Egyptian businesses do not provide a POS option on delivery.
Flash Founder & CEO Erik Gordon says: “As a team, we are excited and proud to be launching a new contactless payment method in Egypt. Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS.
“Our goal is to make payments easier, safer, and faster for everyone. We are also excited to be releasing new features to help consumers make better spending decisions. We are humbled by this seed investment, which will enable us to invest in our product and business & customer acquisition, and utilise the valuable insights of our experienced investment partners to advance the economy of Egypt.”
Andrew Miskiewicz of lead investor Addition adds: “Flash is transforming the payments landscape in Egypt, simplifying the complex transactional process for consumers and businesses with a safe and easy-to-use application. We look forward to supporting Flash and its leadership team as they continue to accelerate product development, expand customer bases and help promote financial inclusion.”
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