Shoppers get to spread the cost over time, increasing flexibility and spending power. Merchants can choose to integrate FlexPay as a checkout option online, or offer offline in-store flexibility.
The startup has now raised an undisclosed amount of funding from the Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa.
At launch, Cairo Angels was Egypt’s first formal network of angel investors, and since its formation it has been one of the most active early-stage investors in startups and high growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors.
Its syndicate fund is a micro venture capital fund that invests in post-seed and pre-Series A startups, with a particular focus on Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa.
“We are thrilled to have Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving, we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap,” said Richard Machomba, founder and CEO of FlexPay.
FlexPay is Cairo Angels’ first investment in Africa outside of Egypt.
“Richard and Johnson are two stellar founders who have built an amazing fintech platform that flips BNPL on its head by harnessing the power of saving and digitizing the deep rooted culture of “layaway”. We will be supporting FlexPay with their regional expansion plans in other key Africa markets, including Nigeria and Egypt,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.