Cairo-based digital lending app Shahry, has come with a new online product. The startup has raised over $650,000 in pre-seed funding. The investment funds came from the investment wing of Egyptian bank Egbank. In a statement shared on MENAbytes, Egbank outlined this as their first investment in a local fintech.
Sherif ElRakabawy founded Shahry in early 2009 using a scoring engine that runs on AI technology. Users can apply for virtual credit through their mobile app which they use to buy other products. The credit advanced can then be used to purchase items through the app. You can buy products from online stores as well as souq. The repayment process then takes place through monthly installments.
The application process is simple. Users are first asked for their personal information then given their conformation status within a day. The ‘buy now pay later’ startup offers their service payments to customers when they check out from the app. They do not have to log into the store website or app completely.
Sherif, co-founder, and CEO of Yaoota pointed out how shopping “within the app” gives users a seamless user experience. The idea is to “get activated” via the app before going shopping. He also revealed their intention to scale their payment platform to reach other merchants.
Shahry’s users make their payments via monthly installments to Bee Outlet, Aman, and Fawry. Alternatively, they can use Vodafone cash or credit cards. As of July 2019, they have witnessed an exponential rise in demand that rises over 100 percent.
Mohamed Moheyeldin, CEO of Egyptian Gulf Holding for Financial Investments pointed out the “great potential” in the non-banking financial space in Egypt