Dayra raises $3 million pre-Seed investment, joins Y Combinator - Wamda
Summary
Egypt-based fintech Dayra, has raised a $3 million pre-Seed debt and equity investment from Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes and Y Combinator, as well as multiple angel investors. The investment came shortly after Dayra received backing from Y Combinator and joined its Winter 21 batch. Dayra provides financial services to the unbanked segment in Egypt, particularly gig workers such as delivery couriers, truck drivers and freelancers, and micro-business owners such as kiosks, small shops, restaurants, and craftsmen. The startup, which was launched by Omar Ekram early in 2020, enables its users to access financial products like virtual bank accounts, prepaid cards and access to credit Since its launch, Dayra has grown at a monthly growth rate in excess of 50 per cent, and has helped thousands of unbanked individuals access their income early while also processing tens of thousands of transactions worth millions of dollars. The company plans to use the funds to grow its team as well as develop new product features.