Egyptian fintech Sahl raises $6m in Series A round
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Cairo-based startup Sahl has successfully raised $6m in Series A and seed funding, positioning itself as a one-stop shop for household bills in collaboration with government entities.
Since its inception in 2020, Sahl has become a key player in the Egyptian fintech landscape, processing billions of Egyptian pounds and saving users around 30 minutes per transaction.
The company currently serves over 15 million households in Egypt and plans further regional expansion between 2024 and 2026.
Funding round led by Ayady
The funding round was led by Ayady for Investment and Development, with existing investors Egypt Pay, Delta Electronic Systems, and E-Finance also participating.
Sahl, which serves over 12 million customers monthly through a diverse range of 50+ services, aims to leverage the new funds to evolve into a comprehensive financial services provider.
The company plans to enhance its offerings, focusing on a frictionless, time-saving, and secure user experience. Following a successful regional launch in the UAE, Sahl is set to expand its footprint by establishing offices in Saudi Arabia, reinforcing its position in Egypt and beyond.
“Our investment in Sahl reflects our firm belief in their capacity to redefine the landscape of bill payments in Egypt, fostering greater financial accessibility and convenience for all,” said Hazem Kamel, managing director of NI Capital – Private Equity, and investment manager of Ayady for Investment & Development.
Sahl has a strategic vision
Sahl’s strategic vision is to dominate Egypt’s EGP2.5tn digital payments sector by capturing a significant portion of collections for utility companies, a segment worth EGP250bn annually.
The firm plans to forge strategic partnerships to unlock new distribution channels, collaborative technology ventures, and co-marketing opportunities.
“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 of Sahl. “Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”
Portfolio of clients
Sahl’s integration with multiple government entities allows users to access services from the Egyptian Electricity Holding Company, New Urban Communities Authority for water, all telecom operators, Petrotrade for gas, Cable Network Egypt for TV subscriptions, and more.
The company has also expanded its reach beyond direct-to-consumer functionalities by catering to the business-to-business sector with two distinct product lines.
The Services Gateway aggregates bill payment services for other payment processors and enterprises, while the Acceptance solution empowers businesses to seamlessly accept online payments.
Read: Digital payments: Top transformative trends in the MENA region
