Egypt-based online lending firm Shahry has acquired $650,000 in capital through a pre-seed investment round, in order to grow its existing loan portfolio and further expand its operations.
The funding was provided by Egyptian Gulf Holding for Financial Investments, the investment division of the Egyptian Gulf Bank (EGbank).
Established in 2019, Shahry uses an artificial intelligence (AI)-powered credit scoring engine, which allows users to conveniently submit loan applications online via the company’s mobile app.
Shahry’s app may also be used to buy various products from different digital commerce platforms and stores. Payments can be made via easy monthly installments.
The installments may be paid using a credit card at Fawry, Aman, and Bee retail outlets. Shahry also offers cash collections from home.
The buy-now-pay-later company allows customers to browse its products and go through checkout via its app without logging into different merchants’ websites or apps.
Customers may also submit special return requests by contacting Shahry’s support department directly.
Sherif ElRakabawy, co-founder at Shahry, stated:
“We deliberately chose to include the shopping within the app to provide seamless user experience as with it, you can basically get activated and order in one place.”
The Fintech firm is hoping that it will be able to generate more revenue by integrating its app with the e-commerce platforms offered by various online merchants.
The company said it will be earning a commission from the merchants on every sale made through its app.
Shahry has reportedly signed up around 15,000 users, with most new customers being part of Egypt’s fairly large unbanked population.