Egyptian Cashless Payments App Flash Raises $6 Million in Seed Round

Egyptian cashless payments startup Flash has raised $6 million in a seed round led by New York-based venture capital firm Addition, with participation from Flourish Ventures in San Francisco and other angel investors.

Co-founded in 2021 by former regional executives from Uber Technologies, Erik Gordon, and Sherine Kabesh, Flash offers a convenient scan-and-pay service in alignment with Egypt’s financial inclusion strategy, enabling customers to make purchases using their smartphones.

“Our goal is to make payments easier, safer and faster for everyone,” Erik Gordon, Founder & CEO of Flash, tells StartupScene. “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.”

Flash has recently received approval from the Central Bank of Egypt, in partnership with Banque Misr, to operate as a technical payment aggregator. This endorsement enables Flash to facilitate seamless transactions between financial institutions and businesses, empowering the latter to accept direct payments from consumers without relying on point-of-sale systems or technical integration.

According to Mordor Intelligence, approximately 80% of online purchases in Egypt are settled with cash-on-delivery, driven by a preference amongst consumers to receive the product before making payment. Through the ‘Flash on Delivery’ service, Flash’s customers will be able to scan a QR code presented by a delivery representative when their product arrives at their doorstep, allowing them to make cashless purchases even with businesses that don’t provide a point-of-sale system.

“Flash's vision to enable everyone in Egypt, merchants and customers alike, to receive and pay money instantly is a game changer,” Ameya Upadhyay, partner at Flourish Ventures, says.

The fresh injection of funds will be used to support Flash's cashless payment solutions expansion. The fintech firm aims to enhance financial inclusion by extending access to financial services, particularly in rural and remote areas while fostering financial literacy among consumers.