Egyptian Fintech, Sahl, Raises $6 Million to Expand Operations – BitKE

June 13, 2024

24 2 minutes read

Sahl, an Egyptian fintech based in the capital, Cairo, has secured $6 million in Series A and seed funding led by Ayady for Investment and Development, joining existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.

Since its founding in 2020, Sahl has emerged as a significant player in the Egyptian fintech sector, serving over 12 million customers monthly and 15 million households across Egypt. Through its app, users can access a comprehensive range of bill payment services, including essential utilities such as electricity, water, and gas, as well as telecommunications top-ups, tuition fees, television subscriptions, and donations.

This service saves users approximately 30 minutes per transaction. Sahl processes billions of Egyptian pounds through a diverse array of over 50 services.

Fueled by the recent round of funding, Sahl is set to evolve into a comprehensive financial services provider. The company will leverage these funds to:

Refine and develop new offerings, and
Prioritise a frictionless, time-saving, and secure user experience

After a successful regional launch in the UAE, Sahl plans to expand its regional footprint further by establishing offices in the KSA and strengthening its position in Egypt and beyond.

According to Sahl, its strategic vision is to become the leading facilitator of digital payment transactions in Egypt’s rapidly growing EGP 2.5 trillion ($52.5 billion) digital payments market. Their goal is to capture a significant share of collections for utility companies, a segment worth EGP 250 billion ($5.2 billion) annually. To cement its leadership position, Sahl intends to establish strategic partnerships that will:

Open new distribution channels
Enable collaborative technology projects, and
Create co-marketing opportunities

“At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services,” said Abdullah Assal, CEO.

“Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”

Sahl prides itself in being one of the few companies integrating with several government entities. Through it, users can access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas, Cable Network Egypt for TV subscriptions, and many more.

“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,” says Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager of Ayady for Investment & Development.