Egyptian fintech Sahl secures $6 million to expand and improve its services
- Sahl, an Egyptian fintech company, has raised $6 million in Series A and seed funding rounds to operate as a one-stop shop for household bills in collaboration with government agencies.
- Ayady for Investment and Development, an Egyptian investment firm, led the round alongside existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.
- Sahl hopes to transform into a comprehensive provider of financial services by improving existing offerings and developing new ones. Following its launch in the UAE, it plans to strengthen its presence in Egypt and broaden its regional reach.
According to a statement, the startup intends to become a leading facilitator of digital payment transactions in Egypt”s digital payments sector. It aims to form strategic alliances to enable new distribution channels, collaborative technology ventures, and co-marketing opportunities.
Sahl, founded in 2020 by Ahmed Othman, Ibrahim Assal, and Abdullah Assal, is a bill payment platform that lets users recharge their prepaid cards. Since its launch, the startup claims to have served over 12 million customers per month and 15 million households in Egypt.
The startup is one of the few Egyptian companies that directly integrates with multiple government entities, allowing users to access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all major telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for petrol, and Cable Network Egypt for TV subscriptions.
Assal stated that the startup is committed to addressing the challenges that consumers face when paying for utilities, beginning with electricity and expanding to water, gas, telecom, and other essential services.
“Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort,” he added.
According to a report, Sahl has expanded its reach beyond direct-to-consumer (B2C) capabilities to include the business-to-business (B2B) sector through two distinct product lines.
The Services Gateway acts as a central hub, collecting bill payment services from other payment processors, digital applications, and businesses, resulting in a more interconnected financial ecosystem. Businesses can accept online payments seamlessly with the Acceptance solution, which streamlines financial transactions even further.
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