Cairo - Sharikat Mubasher: Sahl, an Egyptian startup providing financial services, secured $6 million in seed and series A funding rounds to solidify its position in Egypt and expand into Saudi Arabia, following the successful launch in the UAE.
In a statement, the startup revealed that the series A round was led by the Egyptian leading investment firm Ayady for Investment and Development, with participation from existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.
Sahl will use the investment vehicle to refine and develop new products and provide a frictionless, time-saving, and secure user experience.
The financial services provider aspires to become a key player in facilitating digital payment transactions by seizing a significant portion of collections on behalf of utility companies. It also aims to consolidate its position by forging strategic partnerships to unlock new distribution channels, collaborative technology ventures, and co-marketing opportunities.
Abdullah Assal, CEO of Sahl, emphasized the company’s commitment to addressing challenges facing consumers in utility payments.
“Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort,” Assal said.
Meanwhile, CPO Ahmed Othman stated that Sahl contributes directly to offering a world-class experience in terms of reliability and UX.
On the other side, Hazem Kamel, Investment Manager of Ayady for Investment and Development, commented: "We are excited to announce our investment in Sahl. This strategic move reflects our firm belief in Sahl’s capacity to redefine the landscape of bill payments in Egypt, fostering greater financial accessibility and convenience for all.”
Founded in 2020, Sahl serves over 12 million customers monthly and 15 million households in Egypt. Its application enables users to access a suite of bill payment services for consumers, including essential utilities like electricity, water, and gas, alongside telecommunications top-ups, tuition fees, television subscriptions, and donations