Cairo-based startup Sahl announced that it has secured $6 million in Series A and seed funding to advance its mission of becoming a one-stop shop for household bills in collaboration with government entities. The funding round was led by Ayady for Investment and Development, a prominent Egyptian investment firm known for backing innovative startups. Existing investors, including Egypt Pay, Delta Electronic Systems, and E-Finance, also participated in this funding round.
With this substantial infusion of capital, Sahl is poised to transform into a comprehensive financial services provider. The funds will be utilized to enhance existing offerings and develop new services, all designed to deliver a seamless, time-efficient, and secure user experience. Following a successful regional launch in the UAE, Sahl is now setting its sights on expanding its footprint further by establishing offices in the Kingdom of Saudi Arabia (KSA) and strengthening its presence in Egypt and beyond.
Since its inception in 2020, Sahl has rapidly become a significant player in the Egyptian fintech scene, serving over 12 million customers monthly and 15 million households. The Sahl app offers a comprehensive suite of bill payment services, covering essential utilities such as electricity, water, and gas, as well as telecommunications top-ups, tuition fees, television subscriptions, and donations. This saves users approximately 30 minutes per transaction, processing billions of Egyptian pounds through a diverse range of over 50 services.
Sahl’s ambitious vision is to dominate Egypt’s rapidly growing EGP 2.5 trillion digital payments sector. The startup aims to capture a significant share of the EGP 250 billion annual collections on behalf of utility companies. To achieve this, Sahl plans to forge strategic partnerships that will open new distribution channels, foster collaborative technology ventures, and create co-marketing opportunities.
Abdullah Assal, Sahl’s CEO, expressed the company’s commitment to addressing consumer challenges in utility payments. “At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services,” he said. “Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”
Ahmed Othman, Sahl’s CPO, emphasized the startup’s dedication to delivering a superior user experience. “Sahl is our direct contribution to offering a world-class experience in terms of reliability and UX in a market that has always compromised the end user,” he added.
One of Sahl’s standout features is its integration with multiple government entities, making it one of the few Egyptian companies to do so. This integration allows users to conveniently access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas, Cable Network Egypt for TV subscriptions, and many more.
Beyond its direct-to-consumer (B2C) functionalities, Sahl is also making strategic moves into the business-to-business (B2B) sector. The company has introduced two distinct product lines to cater to this market. The Services Gateway acts as a central hub, aggregating bill payment services for other payment processors, digital applications, and various enterprises, thus fostering a more interconnected financial ecosystem. The Acceptance solution empowers businesses to seamlessly accept online payments, further streamlining financial transactions.
Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager of Ayady for Investment & Development, expressed confidence in Sahl’s potential. “We are excited to announce our investment in Sahl. This strategic move reflects our firm belief in Sahl’s capacity to redefine the landscape of bill payments in Egypt, fostering greater financial accessibility and convenience for all,” he stated.
Sahl’s technological prowess is underscored by its development of the world’s first mobile solution for charging utility meters using NFC technology. “We developed the world’s first mobile solution for charging utility meters using NFC technology,” said Ibrahim Assal, Sahl’s CTO.
The founders of Sahl bring a wealth of experience and expertise to the table. Abdullah Assal, formerly the VP at Globaltronics, has deep industry knowledge from Egypt’s utility meter market. Ahmed Othman, with his background as an investment banker at CI Capital, provides financial and strategic acumen. Ibrahim Assal’s experience with tech giants like Palantir, Careem (an Uber company), and Microsoft strengthens Sahl’s technological capabilities. This diverse expertise positions Sahl to revolutionize digital payments, particularly within the utilities sector.
