Egyptian fintech, Qardy, has secured a 7-figure USD pre-seed round of investment, with participation from White Field Ventures and Vastly Valuable Ventures among other angel investors.
Qardy is described as the first digital lending marketplace in Egypt and the MENA region for financial institutions to fund MSMEs (micro, small, and medium enterprises).
Since their soft launch in late 2022, the startup has quickly established itself as a trusted partner for MSME’s and financial institutions.
Since then, Qardy has:
- Over 1,000 corporate clients on its platform, and has
- Executed over 550,000,000 Egyptian pounds (approximately $12 million) in loan transactions
Qardy offers a wide range of tailored financial programs to support MSMEs (micro, small, and medium enterprises) with their working capital, and capital expansion needs. They do this through their broad network of financial institutions, which includes national and commercial banks, leasing, factoring, and micro finance companies.
“We are thrilled to have reached this important milestone in our journey,” said Tamer El-Manasterly, COO of Qardy.
The support and trust of our investors have been instrumental in driving our growth and enabling us to expand our reach and impact in the market. This investment will allow us to further enhance our services, as well as accelerate our plans for expansion in KSA and the region.
In a statement reflecting their commitment to Qardy, 500 Global expressed their belief in its mission to democratize access to financial services.
Amal Dokhan, Managing Partner at 500 Global, says:
“We are thrilled to support Qardy in their journey towards empowering businesses with accessible and efficient financial solutions. We are confident in their ability to drive positive change in the fintech sector.”
In a statement regarding the investment, Kapil Agrawal, Managing Director, White Field Ventures, shared:
“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. We are excited about the achievement Qardy has reached and are fully prepared to support their expansion into the KSA.
We are confident in their ability to achieve continued success.”
Qardy’s pre-seed round is the latest infusion of investment into Eypt’s fintech sector, a country that has been touted as among the most cash-reliant in the world.
REPORT | Morocco 🇲🇦 Leads Globally as the Most Cash Reliant Country (74%) Followed by Egypt 🇪🇬, Kenya 🇰🇪
Interestingly, 84% of the Moroccan population have access to the internet, so this preference for cash is likely not due to any internet issues.
See also
The analysis also looked at… pic.twitter.com/seHwuQkVEZ
— BitKE (@BitcoinKE) July 25, 2024
Since the turn of the year, multiple fintech startups in North Africa have been announcing investments there including:
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