Egypt’s Qardy secures funding round to expand in MENA

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Cairo – Egypt-based fintech Qardy has raised a seven-figure pre-seed funding round in USD, led by White Field Ventures, Vastly Valuable Ventures, and other angel investors.

Qardy is the first digital lending marketplace in Egypt and the MENA region for financial institutions to fund micro, small, and medium enterprises (MSMEs), according to a press release.

The platform will use the investment to boost its capabilities and expand its service offerings to other MENA countries. Leveraging its advanced technology, Qardy provides a wide range of tailored financial programmes to support MSMEs with their working capital and capital expansion needs.

Launched in late 2022, Qardy has established itself as a trusted partner for MSME’s and financial institutions. It aims to reshape the way financial services are delivered in Egypt.

Tamer El-Manasterly, COO of Qardy, said: "This investment will allow us to further enhance our services, as well as accelerate our plans for expansion in KSA and the region."

The Managing Director of White Field Ventures, Kapil Agrawal, commented: "We are thrilled to stand behind Qardy's exceptional team as they drive forward with their vision to transform the lending sector in the region.”

“Qardy's adept execution capabilities and unwavering commitment to customer-centric solutions are in perfect alignment with our investment ethos," Agrawal continued.

The fintech has more than 1,000 corporate clients on its platform and has executed over EGP 550 million (approximately $12 million) in loan transactions.