With involvement from Flourish Ventures and other strategic angel investors, the US company Addition led a $6 million venture investment round for the Egyptian payments business Flash.
A technical payment aggregator
With the recently raised money, the startup will be able to grow its customer base and expand its operations throughout the nation of North Africa.
Together with Banque Misr, Flash has also received permission from the Central Bank of Egypt to function as a technical payment aggregator. According to Sherine Kabesh, co-founder of Flash, “it allows us to broaden the scope of our digital financial products and reach millions of micro-entrepreneurs, driving growth and advancing Egypt’s digital economy.”
Cashless payment solutions
Flash is a payment application that offers cashless payment solutions for customers and companies through a scan-and-pay service. It was founded in 2021 by Uber graduates Erik Gordon and Sherine Kabesh. By attaching any current bank card or digital wallet to the app and scanning a QR code provided by a business, customers may make purchases using their phones in-store or during delivery.
On the other hand, businesses don’t need technical integration or point-of-sale (POS) systems to accept payments directly from customers. “Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS,” stated Erik Gordon, founder and CEO of Flash.
POS option for deliveries.
Approximately 80% of internet purchases in Egypt are made with cash-on-delivery, according to Mordor Intelligence. Consumer preference to obtain the product before making a payment is one of the elements influencing this. However, a lot of companies don’t offer a POS option for deliveries.
As a result, the firm offers “flash on delivery,” which allows clients to scan a QR code that is handed to them at the door by a delivery person. Customers will soon be able to pay with Flash on delivery when placing orders from companies like Homzmart, Rabbit Mart, Mori Sushi, and many others, the startup announced.
