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Egypt-based fintech startup, Cassbana has secured $1-million in a pre-seed funding round led by Disruptech Ventures, an Egyptian fintech-focused venture capitalist fund along with several other fintech funds and angel investors.
Cassbana secures six-figure seed funding from Distruptech Ventures
Mohamed Okasha, Head of Disruptech Ventures comments on the investment made into Cassbana.
“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. 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.”
Launching in June 2020, Cassbana is a fintech startup that utilises machine learning and artificial intelligence to offer financial identifies to the underserved and underbanked individuals in the Egyptian market.
Cassbana has developed an android app that enables financial institutions and companies to create innovative lending and financial support solutions through an analysis of the behaviour patterns of their customers.
Haitham Nassar, founder, and CEO of Cassbana provides insight into the aims of the fintech startup.
“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.”
Cassbana aims to create one-million financial identities before the end of 2021 and the secured funding will assist them in achieving this goal.
Featured image: Cassbana, Facebook