ⓘ Featured image: Sherif ElRakabawy, CEO, Shahry; Credits: MENAbytes
The Cairo-based digital lending platform Shahry on Wednesday (13 May) raised $650K in a pre-seed funding round from the investment arm of the Egyptian bank, Egbank.
The company was founded by Sherif ElRakabawy in 2009 using a scoring engine that runs on AI. The company enables users to apply for virtual credit card through their mobile app. The credit can be used to purchase items through Shahry’s mobile app.
Users can purchase products from different e-commerce platforms using the app itself and pay the credit in monthly instalments.
Commenting on the investment round Sherif in a statement said,
“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,”
Mohamed Moheyeldin, CEO of Egyptian Gulf Holding for Financial Investments affirming the concept of Shahry said,
“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,”