Lee Fixel’s Addition leads $6M seed round in Egyptian fintech Flash 🇪🇬

Lee Fixel’s Addition leads $6M seed round in Egyptian fintech Flash 🇪🇬

Driving financial inclusion through digital payment methods is among the top priorities for the governments of Africa’s biggest tech ecosystems where cash is still king. Several initiatives launched by these governments have increased the number of banked citizens in their respective countries. In Egypt, for instance, platforms like Fawry and InstaPay — tapped into the apex bank’s policies to reduce cash dependencies — are responsible for the spread of e-wallets and cards in the North African country where 64% of Egyptians increased their adoption of digital payments solutions last year. The number of mobile phone wallets reached 46,500 per 100,000 people, according to a Mastercard report.

Egyptian fintech company Flash has raised $6 million in seed funding led by venture capital firm Addition. Flash provides cashless payment solutions through a scan-and-pay service using QR codes, allowing businesses to accept payments without costly technical integrations. The platform aims to promote digital payments and reduce cash dependency in Egypt, where cash on delivery is still prevalent. Flash's services are used by e-commerce platforms and businesses offering cash on delivery options. The company secures its transactions through partnerships with the Central Bank of Egypt and Banque Misr, ensuring that payments go directly to businesses' bank accounts. Flash plans to expand its customer base and product development with the funding received.

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