Revolutionizing Utility Payments in Egypt: Egyptian Startup Secures $6 Million Investment
Sahl, a mobile bill payment application based in Cairo, Egypt, has secured $6 million in Series A and seed funding. The funding round was led by Ayady for Investment and Development, with participation from Egypt Pay, Delta Electronic Systems, and E-Finance.
The funding will enable Sahl to establish itself as a comprehensive domestic bill management platform and transform into a comprehensive financial services provider. Sahl's innovative use of Near Field Communication (NFC) technology eliminates the need for consumers to leave their homes to mint prepaid cards, offering a frictionless, time-saving, and secure user experience.
Launched regionally in the UAE with success, Sahl aims to expand its services beyond electricity to include water, gas, telecom, and other essential services. The startup already offers utility services and payment acceptance to other companies, and with the latest round of funding, it plans to prioritize its growth in Egypt and beyond.
Sahl's CEO, Abdullah Assal, stated a commitment to addressing consumer challenges in utility payments. He emphasized that the company will use the new funds to refine and develop new offerings, aiming to provide a seamless bill management solution for its users.
In addition to its consumer-focused services, Sahl is partnering with government entities to provide its bill management services. With its regional expansion, Sahl intends to establish offices in Saudi Arabia to extend its regional presence.
The mobile bill payment application Sahl is currently available in Cairo, Egypt, and the company plans to expand its services to other regions. Sahl's goal is to fortify its position in Egypt and beyond, becoming a go-to solution for bill management and financial services.
With the support of its investors, Sahl is poised to make a significant impact in the bill payment industry, offering a convenient, secure, and efficient solution for managing monthly invoices for over 50 services.
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