Egyptian fintech startup, Qardy, has announced the successful closing of a seven-figure US dollar pre-seed funding round. The investment will fuel the company’s growth and expansion plans, aiming to revolutionize the lending landscape for MSMEs in Egypt and beyond.
Founded in 2022 by Abdel Aziz Abdel Nabi, Qardy has rapidly emerged as a leading platform connecting MSMEs with financial institutions. By streamlining the traditionally cumbersome lending process, Qardy aims to reduce loan approval times from a lengthy nine months to a mere 18 days. This dramatic reduction is achieved through a digital-first approach that eliminates the reliance on manual paperwork and personal connections, which have historically hindered MSMEs’ access to capital.
Since its inception, Qardy has garnered significant traction, establishing itself as a trusted partner for both MSMEs and financial institutions. The platform boasts an impressive client base of over 1,000 corporate customers and has facilitated loan transactions exceeding EGP 550 million (approximately US$12 million).
The latest funding round saw participation from prominent investors including 500 Global, White Field Ventures, Vastly Valuable Ventures, and a group of angel investors. This influx of capital will enable Qardy to enhance its platform, expand its service offerings, and accelerate its geographic expansion, with Saudi Arabia identified as a key target market.
“We are incredibly excited to secure this pre-seed funding, which validates our vision of democratizing access to finance for MSMEs,” said Tamer El-Manasterly, COO of Qardy. “With the support of our investors, we are well-positioned to transform the lending industry and empower businesses to thrive.”
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Amal Dokhan, Managing Partner at 500 Global, expressed enthusiasm for Qardy’s potential: “Qardy’s innovative solution addresses a critical pain point for MSMEs, and we are delighted to support their growth journey. The team’s dedication to improving financial inclusion is commendable, and we believe they have the potential to make a significant impact on the market.”
Qardy’s success underscores the growing demand for fintech solutions in Egypt and the broader MENA region. By leveraging technology to simplify the lending process, Qardy is empowering MSMEs to access the capital they need to expand their operations and contribute to economic growth.
