Egypt Fintech Startup Cassbana Secures $1M Investment From Disruptech Ventures

Cairo-based fintech startup, Cassbana has raised $1-million in a pre-seed funding round led by Disruptech Ventures, an Egyptian fintech-focused venture capitalist fund along with several other fintech funds and angel investors. The startup plans to use the funds to expand its operations. Cassbana aims to create one-million financial identities before the end of 2021 and the secured funding will assist them in achieving this goal. 

The majority of Egypt’s population, according to different estimates is unbanked and doesn’t have access to financial services. Cassbana is building financial identities for this majority, starting with the people behind very small retail businesses (think neighborhood grocery stores, for example). It aims to create financial identities for one million customers by the end of the year.

Cassbana’s CEO in a statement said;

“We aim to establish financial identities for those dealing with institutions and service providers contracting with us, in order to enable these clients to obtain financial services, whether to grow their business or bypass any unaccounted risks. Without this financial identity, many suffer from uncomfortable and expensive options for obtaining financial services or no options at all.”

Mohamed Okasha, Head of Disruptech Ventures comments on the investment made into Cassbana. 

“We are happy to be leading this pre-seed round in Cassbana’s journey. The Egyptian Fintech ecosystem is one of the biggest worldwide, our role as a fund is to support Fintech companies from the beginning all the way through local and international IPOs. We have seen Cassbana’s teamwork ethic first-hand and their growth over the past 6 months has been massive. Disruptech admires their strategic vision both locally and internationally and this is why we chose to lead the company’s first investment round.” 

Cassbana

Launched in June 2020, Cassbana is a fintech startup that utilises machine learning and artificial intelligence to offer financial identifies to the underserved and underbanked individuals in the Egyptian market. Cassbana has developed an android app that enables financial institutions and companies to create innovative lending and financial support solutions through an analysis of the behaviour patterns of their customers. 

Haitham Nassar, founder, and CEO of Cassbana provides insight into the aims of the fintech startup. 

“Our goal is to create financial identities for the underserved and unbanked who cannot receive financing options from their suppliers and service providers to scale their small shadow businesses or to pass through a difficult time in their business journey. Instead of them being assumed to be a high default risk, our financial identities offer them a chance to receive different financing options with a low risk of default.”