Flash, a new cashless payments app in Egypt, has secured a US$6 million seed funding round led by Addition, with participation from Flourish Ventures and other angel investors.
The funding will be used to accelerate the startup’s product development as well as customer and business acquisition in Egypt. The firm is also looking to expand its engineering and product teams.
Flash is a scan-and-pay service that allows consumers to make purchases with their phones. The app can be used to pay for goods and services in-store or on delivery. Businesses can accept payments directly from consumers without the need for point-of-sale (POS) systems or technical integration.
The company was founded in 2021 by Uber alumni Erik Gordon and Sherine Kabesh. The company has already obtained approval from the Central Bank of Egypt through a partnership with Banque Misr to operate as a technical payment aggregator.
Erik Gordon, Founder and CEO of Flash said,
“As a team, we are excited and proud to be launching a new contactless payment method in Egypt. Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS.
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.”
Sherine Kabesh, Co-founder of Flash said,
“We are thrilled to have obtained a technical payment aggregator approval from the Central Bank of Egypt in partnership with Banque Misr. This strengthens our commitment to developing the cashless ecosystem, introducing new products, and diversifying our digital payment portfolio.
It enables us to expand the scope of our digital financial products and reach millions of micro-entrepreneurs, driving growth and advancing Egypt’s digital economy.”
Featured image credit: Flash Team