Egyptian fintech Shahry raises $650k investment

Egyptian fintech Shahry has raised $650 000 in a pre-seed investment from Egyptian bank Egbank.

The digital lending startup was founded in January last year by Sherif ElRakabawy (pictured above), who is also the co-founder of Egyptian price comparison website Yaoota, and Mohamed Ewis.

Tech publication Menabytes reported in an article yesterday that the transaction was made by the bank’s investment arm.

Egyptian fintech Shahry was founded in January 2019 by Sherif ElRakabawy and Mohamed Ewis

The publication said the startup uses an artificial intelligence (AI) based credit scoring engine, which enables users to apply for virtual credit through its mobile app. With the virtual credit users can then use this to purchase products from various online stores.

ElRakabawy told Menabytes that the startup has 15 000 users, most of whom don’t have formal access to a bank account.

Featured image: Shahry co-founder Sherif ElRakabawy (LinkedIn)