Revolutionizing Utility Payments In Egypt: Egyptian Startup Sahl Secures $6 Million Funding
In an exciting development for the Egyptian tech industry, Cairo-based startup Sahl has secured $6 million in Series A and seed funding. The funding round was led by Ayady for Investment and Development, a leading Egyptian investment firm, with participation from existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.
Sahl, a mobile bill payment application, aims to transform into a comprehensive financial services provider, leveraging its innovative platform to offer users the convenience of paying monthly invoices for over 50 services. Services included in Sahl's platform are electricity, gas, water, and mobile, as well as telecom and other essential utilities.
Abdullah Assal, Sahl's CEO, expressed a commitment to addressing utility payment challenges for consumers. He stated that the company's mission is to provide a frictionless, time-saving, and secure user experience by refining and developing new offerings with the new funds.
In addition to its consumer-focused services, Sahl has expanded its services to offer B2B products. This move is part of the startup's strategy to fortify its position in Egypt and beyond, following a successful regional launch in the UAE. Sahl plans to extend its regional presence by establishing offices in Saudi Arabia.
One of the key features that sets Sahl apart is its innovative use of NFC technology. This technology eliminates the need for consumers to leave their homes to charge prepaid cards. Users can recharge prepaid cards using NFC technology on Sahl's platform, making the process quick, easy, and convenient.
Sahl is partnering with government entities to establish itself as a comprehensive domestic bill management platform. By streamlining the bill payment process for essential services, Sahl aims to make life easier for millions of consumers across the region.
The name Sahl may hold a historical connection, as it was associated with a founder in the context of the German New Guinea Consortium in 1884. However, in the modern context, Sahl is a forward-thinking startup that is poised to make a significant impact on the financial services landscape in Egypt and beyond.
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