Kenyan fintech startup FlexPay secures funding from Cairo Angels Syndicate Fund
Kenyan fintech startup FlexPay has raised funding from the Cairo Angels Syndicate Fund because it seems to be to supercharge its progress and assist extra folks keep away from debt.
FlexPay is a web-based and offline cost gateway that enables retailers to supply interest-free focused financial savings to their prospects in Africa. By FlexPay, retailers give their prospects the liberty to decide on how and when to pay for high-value items and companies.
Customers get to unfold the associated fee over time, rising flexibility and spending energy. Retailers can select to combine FlexPay as a checkout choice on-line, or supply offline in-store flexibility.
The startup has now raised an undisclosed quantity of funding from the Cairo Angels Syndicate Fund (CASF), a micro enterprise capital fund that invests in early-stage startups within the Center East and Africa.
At launch, Cairo Angels was Egypt’s first formal community of angel traders, and since its formation it has been one of the energetic early-stage traders in startups and excessive progress companies within the Center East and Africa, with 31 investee firms throughout 18 totally different sectors.
Its syndicate fund is a micro enterprise capital fund that invests in post-seed and pre-Sequence A startups, with a selected deal with Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa.
“We’re thrilled to have Cairo Angels as traders as we plan to develop and scale to extra markets in Africa. As Africa’s first merchant-embedded saving-based buy expertise that rewards prospects for saving, we goal to unravel the un-affordability hole for the big under-banked African inhabitants with out subjecting them to the debt lure,” stated Richard Machomba, founder and CEO of FlexPay.
FlexPay is Cairo Angels’ first funding in Africa exterior of Egypt.
“Richard and Johnson are two stellar founders who’ve constructed a tremendous fintech platform that flips BNPL on its head by harnessing the ability of saving and digitizing the deep rooted tradition of “layaway”. We will probably be supporting FlexPay with their regional growth plans in different key Africa markets, together with Nigeria and Egypt,” stated Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.