CreditFins, a Credit Card management platform, and fintech startup has successfully raised an undisclosed amount in a Pre-Seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment.
This latest funding round adds to the 10PP growth in early-stage investments (of ticket sizes lower than US$500k) Egypt observed in H1 2021 YoY.
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“Credit card debt is a moving target that’s hard to settle. At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated,” said Co-founder and CEO, Sherif Radi.
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At the core of their success is a founding team with extensive experience in innovation and product building which was a key attraction for investors.
“Credit Fins has developed a cutting-edge financial technology solution to alleviate bank customers’ financial struggles, kicking off in Egypt and expanding to new markets. Add to that their solid founding team who continue to grow their business, is a sure recipe for success. Flat6labs is proud to be part of their success journey,” Albert Malaty, Managing Director of Flat6Labs Cairo Seed Programme said.
Mariam Kamal, Manager of AUC Angels added that “CreditFins stood out amongst their cohort because of clear strength in the team. The diversity in their experience, and their resourceful approach to addressing the problem they have identified, was apparent to investors. We look forward to witnessing the growth and pivots they will go through in their mission to empower their user base through enhanced financial tools.”
What You Need To Know About CreditFins
CreditFins is a credit card management software founded in 2020 by Sherif Radi, Gamal Eldin Sadek, and Norhan El Sakkout that lets customers track and settle credit card debt in reduced monthly instalments, saving up to 20–50 percent in interest.
CreditFins is on a goal to give its consumers financial freedom, with total outstanding credit card debt in Egypt over $2 billion as of 2019.
CreditFins recognizes that sliding into a vicious debt cycle is caused by a lack of information and awareness, a gap that the firm aims to remedy. The platform’s usefulness, however, stems from CreditFins’ customer-centric strategy.
The company is working hard to introduce the “CreditFins Alpha” card, which will add more functionality to its credit card management platform in order to appeal to a broader consumer base. A founding team with vast experience in innovation and product development, which was a crucial appeal for investors, lies at the heart of their success.
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