Egypt’s Sahl closes dual rounds at $6 million
Summary
The Cairo-based fintech Sahl has raised $6 million in Series A and seed funding rounds, led by Ayady for Investment and Development, joining existing investors Egypt Pay, Delta Electronic Systems, and E-Finance. They aim to achieve this by capturing a significant portion of collections on behalf of utility companies, a segment representing a sizeable EGP 250 billion annually. This allows users to conveniently access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas, Cable Network Egypt for TV subscriptions, and many more.Recently, Sahl has been strategically expanding its reach beyond direct-to-consumer (B2C) functionalities by catering to the business-to-business (B2B) sector through two distinct product lines. Abdullah Assal, leveraging his experience as VP at Globaltronics, a dominant player in Egypts utility metre market, brings deep industry knowledge. Rounding out the team is Ibrahim Assal, whose experience at tech giants like Palantir, Careem (an Uber company), and Microsoft strengthens Sahls technological capabilities.