Salh, a fintech startup based in Cairo, has secured $6 million in combined seed and series A funding, aiming to enhance its offerings as a comprehensive financial services provider.
Leading the funding round is Ayady, an Egyptian Investment and Development firm, along with existing investors Egypt Pay, Delta Electronics Systems, and E-finance.
Hazem Kamel, Managing Director of NI Capital and Investment Manager of Ayady, expressed excitement about the investment, citing Sahl’s potential to revolutionize bill payments in Egypt, fostering greater financial accessibility and convenience.
Founded in 2020 by Ahmed Othman, Ibrahim Assal, and Abdullah Assal, Sahl is a bill payment platform catering to 15 million households and over 12 million customers, processing billions of Egyptian pounds monthly. The startup aims to streamline household bill payments in collaboration with government entities, offering a comprehensive range of services, from utilities to telecom top-ups and donations.
Read also: Egyptian startup Birdnest takes flight with pre-Series A funding.
To solidify its position as a leading digital payment facilitator, Sahl plans to capture a significant share of utility bill collections, amounting to an annual EGP 250 billion. The company intends to achieve this through strategic partnerships, co-marketing initiatives, and expanded distribution channels.
Abdullah Assal, CEO of Sahl, emphasized the company’s commitment to addressing consumer challenges in utility payments, leveraging innovative NFC technology to streamline prepaid card charging and save valuable time for users.
