Egypt-based fintech startup Cassbana has raised $1 million in a pre-seed funding round led by Egyptian fintech-focused venture capitalist fund Disruptech Ventures along with several other fintech funds and angel investors.
Cassbana which uses AI to run a behaviour-based credit scoring system launched its app on a trial basis last June. According to founder and CEO Haitham Nassar, it hopes to attract 1 mn users by the end of 2021.
“Our goal is to create financial identities for the underserved and unbanked who cannot receive financing options from their suppliers and service providers to scale their small shadow businesses or to pass through a difficult time in their business journey. Instead of them being assumed to be a high default risk, our financial identities offer them a chance to receive different financing options with a low risk of default.” he said.
Cassbana aims to use the funds to grow its business and expand its operations in the local market, as well as its strategic vision regionally and globally.
“We are happy to be leading this Pre-Seed round in Cassbana’s journey. The Egyptian Fintech ecosystem is one of the biggest worldwide, our role as a fund is to support Fintech companies from the beginning all the way through local and international IPOs.’’ Mohamed Okasha, Head of the Disruptech Fund said.
“We have seen Cassbana’s teamwork ethic first-hand and their growth over the past 6 months has been massive. Disruptech admires their strategic vision both locally and internationally and this is why we chose to lead the company’s first investment round.”