Cairo-based Payments Startup Flash Raises $6M in Seed Funding

Cairo, EgyptFlash, a payments app that enables customers to instantly pay to merchants, today announced that it has raised $6 million in seed funding. The round was led by Addition with participation from Flourish Ventures and other angel investors.

Flash will use the funds to accelerate product development and customer & business acquisition in Egypt. The company plans to use the funding to expand its team, develop new features, and grow its merchant network.

“We are excited to announce this funding round, which will help us to accelerate our growth and continue to develop innovative payment solutions,” said Erik Gordon, co-founder and CEO of Flash. “We believe that our technology has the potential to revolutionize the way people pay in Egypt, and we are committed to making it easy and convenient for everyone to use.”

The payments sector in Egypt is a rapidly growing market, with the value of mobile payments expected to reach $10 billion by 2025. Flash is well-positioned to capitalize on this growth, as it has a team of experienced professionals with a deep understanding of the Egyptian payments market.

The company has already developed a number of successful payment solutions, including a mobile payments app that allows customers to make payments to merchants with a few taps or via QR codes. Flash has also obtained approval from the Central Bank of Egypt to operate as a technical payment aggregator.

“We are very impressed with the team at Flash and their vision for the future of payments in Egypt,” said Teddy Sagi, managing partner of Addition. “We believe that Flash has the potential to be a major player in this space, and we are excited to support their growth.”

Deal Table for Flash Payments App

Key PeopleInvestorsAmount InvestedSectorFunding Round
Erik Gordon, Sherine KabeshAddition Ventures, Flourish Ventures$6MPaymentsSeed

Similar Startups in the Middle East

  • PayTabs is a payments technology company that provides payment solutions to merchants in the Middle East and Africa. The company raised $100 million in Series C funding in 2022.
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