Egypt-based Fintech startup Shahry has secured US$650K in a pre-seed funding round, in order to expand its existing loan portfolio of the company and further expand its operations. The fresh funding round was driven by Egyptian Gulf Holding for Financial Investments, the investment department of the Egyptian Gulf Bank (EGbank).
Established in 2019, Shahry utilizes an artificial intelligence-powered credit scoring engine which helps users in order to submit their applications online via the company’s mobile App.
Users can make purchases on different digital commerce platforms and stores by using Shahry’s App. It facilitates easy monthly installments to its users who are unable to make full payments. The monthly installments can be paid by utilizing a credit card at Fawry, Aman, and Bee retail outlets. It offers cash collections from the home facility as well.
The buy-now-pay-later company permits users to browse products offered by the company and can go through checkout on its App without logging into merchants’ websites. Shahry provides a unique service to its customers in which they may also submit special return requests by contacting Shahry’s support department directly.
According to Sherif El Rakabawy, co-founder at Shahry, “We deliberately selected to include the shopping feature within the App to serve seamless user experience as with it, you can basically get activated and order in one place.”
The company is planning to integrate its App with the e-commerce platforms offered by various online dealers with an aim to generate more revenue to run the business effectively.
The company has made a statement by adding that the company will provide a smooth payment platform for the benefit of its customers as well as merchandisers and for this service the company will charge commission fees from the merchants on every sale made through its App.
It has announced that the company has connected with around 15,000 users, with most new clients being a part of Egypt’s genuinely huge unbanked populace.