Sahl, an Egyptian fintech firm, raised $6 million in Series A and early rounds to engage with government institutions as a family payment hub.
The round was led by the Egyptian investment firm Ayady for Investment and Development, joined by previous investors Egypt Pay, Delta Electronic Systems, and E-Finance.
By enhancing current products and creating new ones, Sahl intends to become a full-service provider of financial services. It intends to increase its footprint in Egypt and extend its regional reach after launching in the United Arab Emirates.
According to a statement, the firm wants to lead as a digital payment facilitator in Egypt’s digital payments market. It seeks to establish strategic partnerships to facilitate joint technology endeavours, co-marketing opportunities, and new distribution channels.
Read also: Fintechs pioneering financial inclusion in Nigeria, says World Bank report
Fintech Startup Transforming Payments of Bill in Egypt – Sahl
Ahmed Othman founded the Sahl in 2020, Ibrahim Assal and Abdullah Assal, a bill payment platform that lets users recharge their prepaid cards. Since its launch, the startup claims to have served over 12 million customers per month and 15 million households in Egypt.
Sahl’s innovative platform has achieved a significant milestone by establishing direct integrations with various government entities and service providers, offering users a comprehensive and convenient experience.
Through its platform, users can access a wide range of services, like electricity bill payments through the Egyptian Electricity Holding Company (EEHC), water bill payments through the New Urban Communities Authority (NUCA), mobile services and bill payments with all major telecom operators, including Vodafone, Orange, and Etisalat.
Petrol payments are made through Petrotrade, and TV subscription payments are made through Cable Network Egypt.
This integration enables users to manage multiple services from a single platform, making tracking and paying bills and accessing essential services easier. Sahl’s direct integration with government entities and service providers sets it apart from other fintech companies in Egypt, solidifying its position as a digital payment market leader.
Simplifying Online Payment for Consumers and Businesses – Sahl’s Vision
The startup is committed to addressing the challenges that consumers face when paying for utilities, beginning with electricity and expanding to water, gas, telecom, and other essential services, stated Assal.
Read also: Wema Bank Uses Facial Recognition to Boost Platform Security
He added that their innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.
Sahl has expanded its reach beyond direct-to-consumer (B2C) capabilities to include the business-to-business (B2B) sector through two distinct product lines, based on a report
The Services Gateway creates an increasingly interconnected financial environment, which serves as a central point for gathering bill payment services from various payment processors, online apps, and companies. Thanks to the Acceptance solution, companies can further improve financial processes by readily accepting online payments.