Flash, an Egyptian cashless payments application, has successfully concluded a seed funding round worth $6 million. The round was spearheaded by Addition and saw participation from Flourish Ventures as well as other strategic angel investors. The funds obtained will play a crucial role in expediting the startup’s product development process and facilitating customer and business acquisition endeavors within Egypt.
Additionally, Flash has secured approval from the Central Bank of Egypt in collaboration with Banque Misr, enabling it to operate as a technical payment aggregator.
Founded in 2021 by Erik Gordon and Sherine Kabesh, Flash is a payment application that provides cashless payment solutions for consumers and businesses through a scan-and-pay service. Using the application, customers have the ability to make purchases using their mobile phones. They can simply add their existing bank card or digital wallet to the app, and then complete transactions by scanning a QR code provided by the business, whether it’s in-store or during delivery. This streamlined process eliminates the requirement for businesses to utilize point-of-sale (POS) systems or engage in technical integration, as they can accept payments directly from customers.
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.
Erik Gordon, Founder & CEO of Flash, expressed enthusiasm about the fundraising efforts, stating, “As a team, we are thrilled and proud to launch a new contactless payment solution in Egypt. Our mobile application resolves transactional challenges faced by businesses seeking a simpler alternative to traditional POS systems. Our objective is to make payments easier, safer, and faster for everyone. We are also excited to introduce new features that help consumers make informed spending decisions. This seed investment is a humbling opportunity that allows us to enhance our product, expand our customer base, and leverage the valuable insights of our experienced investment partners to contribute to Egypt’s economy.”
Andrew Miskiewicz from Addition commented, “Flash is revolutionizing the payment landscape in Egypt by simplifying complex transactions for both consumers and businesses with a secure and user-friendly application. We are eager to support Flash and its leadership team as they accelerate product development, expand their customer base, and promote financial inclusion.”
Ameya Upadhyay, Venture Partner at Flourish Ventures, added, “Flash’s vision to enable instant receipt and payment for everyone in Egypt, including merchants and customers, is a game changer. At Flourish, we invest in entrepreneurs who are dedicated to creating a more equitable financial system, and we are excited to support Flash—a rising fintech with a woman co-founder—and contribute to empowering the market with digital payments.”
