Egyptian microlender Kashat secures $1.75mln

The financial technology (FinTech) startup provides small loans and other nano-financial services for unbanked people in Egypt, which it said reaches more than 70 percent of the country’s population.

This vision is shared by pan-African fund Launch Africa, who led the bridge funding round. Other investors including Cairo Angels participated in the round.

The funds will be used to further develop Kashat’s platform, as well as for the startup’s expansion.

“With the growth in customer purchasing power, increased financial inclusion and democratized access to a broader array of goods and services, consumers across Egypt are desperate for a timeous, efficient, digital-friendly and affordable lending solution,” Managing Partner of Launch Africa Zacharia George said.