Kashat, an Egypt-headquartered fintech has completed a private bridge round, raising US$1.75 million. The round was led by Launch Africa and drew commitments from other backers within the region, including Cairo Angels.
Kashat, currently backed by Pharos Holding (a Cairo-based financial group) and Planet N Group (a Pakistani-tech firm), is leading the charge to improve financial inclusion. The firm is doing this by providing nano financial services such as small loans targeted primarily at the unbanked and underbanked population.
Launched in 2019, Kashat considers it a core mission to ensure that more Egyptians are served and can access tailored financial offerings in Egypt and the Arabic-speaking region.
With this new capital injection, Kashat hopes to improve and optimize its platform and also to further widen the scope of its operations.
The fintech sector in Africa has seen a phenomenal rise in investment. This has caused several unicorns and potential unicorns to emerge from the continent in the past few years.
An example of such is Wave, a US-Senegal-based fintech that recently closed a US$200m round, setting a new record as the largest Series A round in the francophone region.
Fintech giants such as Opay, Interswitch, Chipper Cash, and Flutterwave have also recently closed different rounds of funding at US$400 million, US$200 million, US$100 million, and US$170 million respectively.
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