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Egypt-based fintech Balad has raised a seven-figure pre-Seed round led by Acasia Ventures. Other investors in the round included Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices. The startup plans to use the investment to launch Balad’s remittance platform, develop its technology, hire new team members, obtain required licences, and complete integrations with its banking partner.
Balad is a remittance-driven financial service provider (RemTech) catering for migrants and their families. The startup offers reduced transfer fees and instant delivery of inward remittances via Balad prepaid cards. Balad aims to break down financial barriers for this segment by simplifying digital remittances for migrants and their families, allowing recipients instant access to transferred funds at lower fees and starting them off on their journey of digital finance.