Egypt-based online lending startup Shahry, has closed a $650,000 pre-seed round from the investment arm of EGBANK.
Powered by a proprietary artificial intelligence (AI)-based credit scoring engine, the financial technology (fintech) company allows its users to apply for contactless, virtual credit, place an order online and then pay fees later in monthly installments.
“While Shahry is for everyone, we can see Egypt’s un- and underbanked, who live outside of the formal banking system, as being our largest customer segment. Those are people who need access to finance most, and we try to help them make ends meet,” said Sherif ElRakabawy, CEO of Shahry who claims that this is the first time a bank has invested directly in a fintech startup in Egypt.
The company further claims to have recently seen an uptick in demand and achieved more than 100 per cent month-on-month growth.
“We see a great potential in Shahry and the area of financial non-banking services in Egypt, and are looking into investment opportunities that offer innovative solutions for lending. In alignment to this belief, we strive to complement the vision and destination of EGBANK, aiming to center the youth at the heart of its organisation and support young entrepreneurs and innovation,” said Mohamed Moheyeldin, CEO of Egyptian Gulf Holding for Financial Investments.