US$193,780,000+
*Data updated daily at 18:00 EAT
Egypt-based fintech Raseedi has acquired Kashat, along with its subsidiary Pharos Microfinance S.A.E., in an equity deal aimed at broadening product offerings and introducing instant cash loans. Both companies, founded in 2018, focus on financial inclusion for underbanked users in Egypt, making this acquisition a pivotal step in expanding their impact.
Raseedi, known for its dialer app that helps users save on calls and access fintech services like bill payments and airtime loans, has built a unique credit scoring algorithm based on daily user behavior. With the acquisition, Raseedi users can now access nano-loans of up to 3,000 EGP (~USD 60.00) through Pharos Microfinance’s fully digital platform, offering 1- to 3-month tenures. This seamless experience includes instant disbursement via mobile wallets following a streamlined eKYC process.
Pharos Microfinance S.A.E., licensed by Egypt’s Financial Regulatory Authority, has been a leader in nano-financing, supporting small business owners with much-needed working capital. Kashat’s expertise in nanoloans and Raseedi’s behavioral data and proprietary technology form a synergy aimed at transforming financial inclusion in Egypt.
Raseedi CEO Ahmed Atalla stated, “This milestone enables us to provide a fully rounded fintech solution, allowing underserved masses to receive credit instantly. It aligns with Egypt’s financial inclusion agenda and our vision of empowering millions with accessible financial tools.”
Kashat co-founder Karim Nour added, “This partnership unites two homegrown players in big data and AI to scale financial inclusion across Egypt and beyond. Together, we’ll deliver innovative nanoloan products at scale.”
Looking ahead, Raseedi and Kashat plan to replicate their fully digital financial solution across Africa and Asia, leveraging their scalable, zero on-ground operational model.