Egypt's Sahl Secures $6 Million in Dual Funding Rounds

Cairo-based fintech startup Sahl has secured $6 million in funding through Series A and seed funding rounds. The Series A round was led by Ayady for Investment and Development, an Egyptian investment firm that's all about supporting innovative startups. Other investors who jumped on board include Egypt Pay, Delta Electronic Systems, and E-Finance.

After a successful launch in the UAE, they've got their sights set on expanding into Saudi Arabia. They're also gearing up to strengthen their presence right here in Egypt.

Sahl aims to level up their services and bring some new offerings to the table.

One thing that sets Sahl apart is its direct integration with multiple government entities, as users can access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA), major telecom operators, Petrotrade, and many more.

Sahl also expanding into the business-to-business sector with two exciting products, the Services Gateway and Acceptance solution which brings together bill payment services for other enterprises.

Ahmed Othman, Ibrahim Assal, and Abdullah Assal founded Sahl in 2020. It currently serves over 12 million customers each month, covering 15 million households. Their app offers a wide range of bill payment services, including utilities, telecommunications, tuition fees, TV subscriptions, and much more.

A report by Magnitt revealed that the fintech sector in Egypt underwent a notable decrease in venture debt funding by 86% YoY, as only $4 million was invested in Egyptian fintech startups.

Fintech startups absorbed 79% of the total venture debt lending in the MENA region in 2023. 

Any Egyptian fintech startup willing to engage in non-banking financing activities should have a minimum capital requirement of EGP 15 million.