Thursday July 25th, 2024
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Egyptian Fintech Sahl Raises $6 Million in Series A Funding

The latest round of investment will fuel Sahl’s expansion into Saudi Arabia, following a successful launch in the UAE.

Startup Scene

Egyptian Fintech Sahl Raises $6 Million in Series A Funding

Cairo-based fintech startup Sahl has raised $6 million in a Series A funding round led by Ayady for Investment and Development, providing a capital boost for the startup’s mobile bill payment platform. Sahl offers clients a streamlined one-stop shop for household bills, coordinating with government entities to allow users to pay for over 50 services including electricity, gas, water, and mobile using NFC-enabled prepaid cards.

As part of its offerings, Sahl has also launched B2B products, offering utility services to other companies. With this latest round of investment, Sahl is set to evolve into a comprehensive financial services provider, expanding operations to Saudi Arabia following a successful expansion in the UAE.

The utilities market in Egypt and the wider region remains underserviced by technology, with many sectors still reliant on old-generation meters and clunky payment systems. Fintech startups such as Sahl aim to provide frictionless methods of payment for customers, saving them and utilities providers alike both time and money.

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