Flash, Egypt’s new cashless payments app, has raised $6 million seed round to accelerate its product development and customer and business acquisition in the country. The round was led by Addition with participation from fintech venture capital firm Flourish Ventures and other strategic angel investors.
Flash has also obtained approval from the Central Bank of Egypt in partnership with Banque Misr to operate as a technical payment aggregator.
Backed by the approval of the Central Bank of Egypt, Flash is a payment application that provides cashless payment solutions for consumers and businesses through a scan and pay service. The application allows consumers to make a purchase with their phones by adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on-delivery. Businesses can accept payments directly from consumers without the need for point-of-sale (POS) systems or technical integration. Flash was founded by Uber alumni Erik Gordon and Sherine Kabesh in 2021
According to Mordor Intelligence, around 80% of goods purchased online in Egypt are paid cash-on-delivery. Amongst other factors driving this, consumers prefer to receive the product before paying; however many businesses do not provide a POS option on delivery. Hence “Flash on Delivery”, whereby customers can simply scan a QR code presented by a delivery representative at the door. Customers ordering from businesses such as Homzmart, Rabbit Mart, Mori Sushi and many others will soon be able to pay using Flash on Delivery.
Speaking about the fundraise, Erik Gordon, Founder & 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. Our goal is to make payments easier, safer and faster for everyone. We are also excited to be releasing new features to help consumers make better spending decisions. 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.”
In alignment with the Central Bank of Egypt’s financial inclusion strategy (2022-2025), Flash empowers the country’s population to seamlessly conduct transactions by transitioning from cash to digital. Backed by the approval of the Central Bank of Egypt, Flash customers can safely and easily make payments to businesses on the growing list of businesses within the app’s network. Businesses can accept payments directly from app users without the need for point-of-sale (POS) systems or technical integrations.
Speaking about CBE’s approval, 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.”
The Flash team has built a robust network of key ecosystem participants, stakeholders, and renowned global investors. As part of its growth strategy, Flash is seeking to expand strategic roles in its Engineering and Product teams.