Flash, Egypt’s new cashless payments app, has secured $6 million in a seed round to speed up product development and the acquisition of customers and businesses in the region.
The round was led by Addition with participation from fintech venture capital firm Flourish Ventures and other strategic angel investors. Flash, in conjunction with Banque Misr, has been authorized by the Central Bank of Egypt to function as a technical payment aggregator.
In Egypt, individuals and companies may use Flash, a payment software backed by the Central Bank of Egypt, to make cashless payments using a scan-and-pay service. By linking their current bank card or digital wallet to the app only once and scanning a QR code supplied by a company, either in-store or upon delivery, users may make purchases using their mobile devices.
The requirement for POS systems or other forms of technological integration is eliminated, allowing businesses to take payments directly from customers. Flash was formed in 2021 by former Uber employees Erik Gordon and Sherine Kabesh.
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The mobile app offers solutions for transactional issue
Mordor Intelligence reports that the cash-on-delivery payment method is used for almost 80% of internet purchases in Egypt. One reason for this is that customers would rather wait until they get their order before making a payment; however, many stores do not provide a point-of-sale payment option upon delivery.
As a result, the “Flash on Delivery” system was created, wherein clients could easily scan a QR code provided by a delivery employee at the door. Flash on Delivery will soon be accepted by a wide variety of companies, including Homzmart, Rabbit Mart, Mori Sushi, and many more.
“As a team, we are excited and proud to be launching a new contactless payment method in Egypt,” Erik Gordon, Founder & CEO of Flash, stated in reference to the fundraising effort. Our mobile application eliminates transactional issues for organizations searching for a simpler solution than the POS”.
“Our mission is to streamline the payment process for all parties involved. In addition, we are thrilled to be providing additional tools to assist customers in making wiser purchases. We are humbled by this seed investment, which will enable us to invest in our product and business & customer acquisition, and utilise the valuable insights of our experienced investment partners to advance the economy of Egypt.”
Users can use the Flash app to purchase
Designed to aid Egyptians in making the switch from cash to digital payments, Flash is in line with the Central Bank of Egypt’s financial inclusion goal (2022-2025). With the blessing of Egypt’s Central Bank, users of the Flash app can make purchases from the increasing number of merchants participating in the app’s network with complete peace of mind. The POS system or other technological links are unnecessary for businesses to take payments from app users directly.
“We are thrilled to have obtained a technical payment aggregator approval from the Central Bank of Egypt in partnership with Banque Misr,” Sherine Kabesh, Co-Founder of Flash, stated in reference to the CBE’s approval.”
“This further solidifies our dedication to expanding the cashless environment, launching innovative new goods, and broadening our selection of digital payment options. It enables us to reach millions of micro-entrepreneurs with our digital financial solutions, which in turn stimulates economic expansion and promotes Egypt’s digital economy advance.”
The Flash team has developed a wide network to influential members of the ecosystem as well as stakeholders and well-known investors from across the world. As part of its growth strategy, Flash is seeking to expand strategic roles in its Engineering and Product teams.