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Egypt’s Sahl closes dual rounds at $6 million

Sahl's strategic vision is to become the dominant player in facilitating digital payment transactions within Egypt's booming EGP 2.5 trillion sector.
12.06.24 | Source: Wamda

The Cairo-based startup, Sahl, has raised $6 million in Series A and seed funding to act as a one-stop shop for household bills in collaboration with government entities. Ayady for Investment and Development, a leading Egyptian investment firm with a strong track record in supporting innovative startups,  led the Series A round, joining existing investors Egypt Pay, Delta Electronic Systems, and E-Finance on the cap table. 

Fueled by the recent round of funding, Sahl is set to evolve into a comprehensive financial services provider. The company will leverage these funds to refine and develop new offerings, prioritising a frictionless, time-saving, and secure user experience. After a successful regional launch in the UAE, Sahl plans to expand its regional footprint further by establishing offices in the KSA and strengthening its position in Egypt and beyond.

Sahl's strategic vision is to become the dominant player in facilitating digital payment transactions within Egypt's booming EGP 2.5 trillion digital payments sector. They aim to achieve this by capturing a significant portion of collections on behalf of utility companies, a segment representing a sizeable EGP 250 billion annually. To solidify its leadership position, Sahl plans to forge strategic partnerships that unlock new distribution channels, collaborative technology ventures, and co-marketing opportunities.

“At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services,” said Abdullah Assal, CEO. “Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.” 

Ahmed Othman, CPO, added, “Sahl is our direct contribution to offering a world-class experience in terms of reliability & UX in a market that has always compromised the end user.”

Notably, Sahl is one of the few Egyptian companies directly integrating with several government entities. This allows users to conveniently access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas, Cable Network Egypt for TV subscriptions, and many more.

Recently, Sahl has been strategically expanding its reach beyond direct-to-consumer (B2C) functionalities by catering to the business-to-business (B2B) sector through two distinct product lines. The Services Gateway functions as a central hub, aggregating bill payment services for other payment processors, digital applications, and various enterprises, fostering a more interconnected financial ecosystem. The Acceptance solution empowers businesses to seamlessly accept online payments, further streamlining financial transactions.