Flash, an Egyptian fintech company specializing in cashless payments, has successfully raised $6 million in a seed funding round.
The round was led by Addition, and also saw participations from Flourish Ventures and a few angel investors. The funds will be used to enhance the company’s product, expand operations in Egypt and optimize customer and business acquisition.
Founded in 2021 by Erik Gordon, a former Uber employee, and Sherine Kabesh, Flash is backed by the Central Bank of Egypt (CBE) and provides scan-and-pay services through a mobile payment application, catering to businesses and consumers looking for an innovative cashless payment solution. Scan-and-pay, or QR code payment, allows users to conduct transactions by scanning a QR code.
Flash customers can easily transact with merchants by integrating their bank card or digital wallet with the fintech app. The payment is completed by scanning the QR code either in-store or upon delivery of the items. This eliminates the need for point-of-sale (POS) systems or technology integration.
This QR code payment approach aligns with the Central Bank’s goal of expanding digital financial services and promoting financial inclusion.
Erik Gordon, CEO and Founder of Flash, expressed his team’s enthusiasm for introducing a contactless payment method to Egyptians. He emphasized that their mobile application simplifies transactions for businesses and aims to make payments easier, safer, and faster for everyone. Gordon also mentioned that new features would be released to assist consumers in making better spending decisions.
“We are humbled by this seed investment, which will enable us to invest in our product and business & customer acquisition, and utilise the valuable insights of our experienced investment partners to advance the economy of Egypt,” Gordon added.
Flash received a license from the CBE, in collaboration with Banque Misr, to operate as a technical payment aggregator. This approval, according to co-founder Sherine Kabesh, will allow Flash to introduce new products and expand its digital payment portfolio, resulting in a larger customer base and a stronger national economy.
Andrew Miskiewicz from Addition praised Flash for revolutionizing the payment landscape in Egypt by offering a simplified and secure transaction process, benefiting both consumers and businesses.
Also speaking on this development is Ameya Upadhyay, a partner at Flourish Ventures. He described Flash’s goal of providing instant payment and remittance services to all Egyptians as a “game changer.”
Flourish Ventures, known for investing in entrepreneurs aiming for a fairer financial system, supported Flash due to its alignment with their investment criteria.
