Cassbana, Egypt-based FinTech startup raised $1 million in a round of seed investment led by no other than Egyptian FinTech VC ‘Disruptech’.
The startup that launched early on in 2020 by Haitham Nassar, an ex-Careem executive, is building financial identities for all sorts of different users — with special regards to those who don’t typically use conventional banking services.
Cassbana operates by providing lending solutions to multiple (different) groups of previously mentioned users, followed by the use of AI among other technologies in order to assign them with credit scores.
In accordance to some different estimations, the majority of Egypt’s population is actually unbanked with no access to financial services. What Cassbana does, is that they build financial identities for this very specific majority. Starting off with micro-retail businesses; the likes of coldstores, the startup aims to create financial identities by the end of the year.
Haitham Nassar shared in a statement: “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.”
The startup plans to use the investment funds towards the expansion of its operations.