Egyptian fees management and digital collection platform, KlickIt, has announced the closing of its first investment round to further develop its platform.
The round was led by EFG Finance and Camel Ventures, the venture capital arm of dfin Holdings.
Founded in 2017, KlickIt is currently serving more than 55,000 Egyptian public schools, with over 25 million students, under the Ministry of Education. This is in addition to a private entities’ portfolio of 230 educational entities of different sizes.
To date, the startup has processed EGP 500+ million in different kinds of payment transactions for educational entities and is backed by partnerships with prominent market leaders, such as Banque Misr and e-finance, with several others in the company’s pipeline.
The startup will use the new investment is to build and enhance KlickIt’s tech stack, and to build and deploy value-added services to cross-sell new services for the company’s large network of schools and universities as well as their rapidly growing customer base.
“We’re proud to be investing in KlickIt and backing its team. They have been proving their determination, grit, and ability to overcome challenges and to crack a highly lucrative market,” said Walid Hassouna, CEO at EFG Finance.
“We believe the future of availing financing through valU on Klickit will provide superb and accessible services to their customer base and help catalyze the growth of the company.”
“We’re very proud to be backed by substantial entities like EFG Finance and dfin’s Camel Ventures, and we thank our investors for their continued support and trust in us,” said Saeed Talaat, Co-founder and CEO of KlickIt.
“With this investment round, we look forward to solidifying our tech stack and scaling our services. Our partnerships over the last year with GEMS, Banque Misr, and most recently the Egyptian Ministry of Education, have been essential to our growth, and we plan on leveraging these experiences to spearhead the next chapter in our journey.”