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Flash, Egypt’s new cashless payments app, has completed a USD 6 M seed round led by Addition with participation from Flourish Ventures and other strategic angel investors. The funding will be used to accelerate the startup’s product development and customer & business acquisition in Egypt. Flash has also obtained approval from the Central Bank of Egypt in partnership with Banque Misr to operate as a technical payment aggregator.
Backed by the approval of the Central Bank of Egypt, Flash is a payment application that provides cashless payment solutions for consumers and businesses through a scan-and-pay service. The application allows consumers to make a purchase with their phones by adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on delivery. Businesses can accept payments directly from consumers without the need for point-of-sale (POS) systems or technical integration.