Egypt-based online lending marketplace Qardy has announced a strategic partnership with Waseela, a licensed consumer finance company, to roll out a digital consumer financing product targeting the growing demand for home-finishing services. This collaboration marks a significant expansion for Qardy, which initially focused on providing loans to micro, small, and medium enterprises (MSMEs).
Founded in 2022, Qardy quickly established itself as a pivotal player in Egypt’s financial landscape, facilitating over EGP 550 million (USD $12 million) in loan transactions to date. The platform’s core mission is to reduce loan processing times, cutting the typical approval timeline from nine months to just 18 days. As a result, Qardy has become a trusted marketplace for MSMEs, boasting over 1,000 corporate clients.
This new partnership with Waseela extends Qardy’s services to the consumer finance sector, specifically catering to individuals looking to finance home-finishing and redesigning projects.
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According to Tamer El-Manasterly, Qardy’s COO, this move signifies a “milestone” as the company ventures beyond MSME lending to empower individuals. The joint product will offer a streamlined, digital solution for Egyptians needing financing for home-completion projects, enhancing access to vital funds in a sector that continues to grow despite economic challenges.
Waseela, a subsidiary of AUR Capital Financial Group, brings its expertise in consumer finance to the table, with plans to help Qardy target an EGP 100 million loan portfolio by 2025. By merging their strengths, Qardy and Waseela aim to digitize the consumer financing space, providing faster, more accessible financial services for homeowners.
As Egypt’s housing market continues to expand, this partnership is expected to play a key role in providing flexible financing options while addressing the ongoing demand for home-improvement solutions.
