Tech in Africa
CreditFins is a recent graduate of the 16th cycle of Flat6Labs’ Cairo Seed Programme where the 8 graduating startups received $32,000 in seed investment. The investment round was led by Flat6Labs, TA Telecom Holding, AUC Angels, alongside other contributions from several tech-based angel investors.
The companies receive seed investments ranging from $31,800 to $47,700 in exchange for a 10% stake in their businesses. As per the announcement, CreditFins focuses on supporting users who pay their credit card bills and savings. Clients will focus on supporting users who easily pay their credit card bills offering savings. Clients then pay back their debt using manageable monthly investments saving anywhere between 20% to 50% worth of interest payments.
Founded in 2020, CreditFins is run by co-founders Gamal Eldin Sadek, Sherif Radi, and Norhan El Sakkout, as a credit management service provider that acquired an undisclosed amount of capital through a pre-seed round. The CreditFins Alpha card came up with features that are targeted at a wider client base.
There are over 3 million-plus plus credit cards in circulation across the MENA region according to the Central Bank of Egypt. Transactions across Egypt are predominantly cash-dominated where consumers slowly adopt card payments. Credit cards make up 73.8% of the transfers in 2020.
This is CreditFin’s website www.creditfins.com
Source: Crowdfundinsider
