Egyptian fintech Sahl raises $6 million to expand offerings as a comprehensive financial services provider

Salh, a Cairo-based fintech startup has raised $6 million in joint seed and series A funding. The startup plans to leverage these funds to create and develop better offerings as a comprehensive financial services provider. 

The funding round was spearheaded by Ayady, an Egyptian Investment and Development firm. Existing investors Egypt Pay, Delta Electronics Systems and E-finance also participated in the round.

“We are excited to announce our investment in Sahl,” said Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager of Ayady for Investment and Development. “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.”

How Sahl plans to redefine bill payments 

Founded in 2020 by Ahmed Othman, Ibrahim Assal, and Abdullah Assal, Sahl is a bill payment platform that enables users to recharge prepaid cards. The startup serves 15 million households and over 12 million customers, processing billions of Egyptian pounds every month. The fintech company plans to offer a one-stop shop for households that need to pay household bills, this is done in collaboration with government entities.

Sahl already provides users with access to a range of bill payment services including utilities like water, electricity, gas, telecom top-ups, fees, TV subscriptions and even donations.

The company plans to achieve its vision of being the dominant player in facilitating digital payment transactions by capturing a significant amount of collections on behalf of utility companies, a segment grossing a sizable EGP of 250 billion annually. To solidify its leadership position, Sahl plans to forge strategic partnerships with collaborative tech ventures, co-marketing opportunities and forge new distribution channels. 

“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," CEO, Abdullah Assal 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.”