Cairo-Based Fintech Sahl Raises $6 Million to Transform Utility Bill Payments
Cairo-based fintech startup Sahl, which specializes in helping households pay their utility bills, has successfully raised $6 million in a combined seed and Series A funding round. This substantial investment will enable Sahl to refine its current offerings and develop new services as it aims to evolve into a comprehensive financial services provider.
Strategic Investment to Drive Innovation
The funding round was led by Ayady for Investment and Development, a prominent Egyptian investment firm known for its support of innovative startups. The round also saw participation from existing investors, including Egypt Pay, Delta Electronic Systems, and E-Finance.
Leadership and Vision
Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager at Ayady for Investment and Development, highlighted the strategic nature of the investment. He said, “Our investment in Sahl reflects our strong belief in the startup’s potential to revolutionize bill payments in Egypt. Sahl has demonstrated significant promise in simplifying utility payments, and we are excited to support its journey towards becoming a full-fledged financial services provider.”
Future Prospects
With the new funding, Sahl plans to enhance its technological infrastructure, improve user experience, and introduce a range of new financial products. This move aligns with the company’s broader vision to offer a seamless and comprehensive suite of financial services to its customers, making everyday financial transactions more accessible and efficient.
The successful funding round underscores the growing confidence in fintech solutions that address everyday challenges and highlights the dynamic nature of Egypt’s startup ecosystem. As Sahl continues to innovate and expand, it is well-positioned to make a significant impact on the financial landscape in Egypt.
“We are excited to announce our investment in Sahl. This strategic move reflects our firm belief in Sahl’s capacity to redefine the landscape of bill payments in Egypt, fostering greater financial accessibility and convenience for all,” Mr Kamel said.
Founded in 2020 by Ahmed Othman, Ibrahim Assal, and Abdullah Assal, Sahl is a fintech startup revolutionizing bill payments in Egypt. The platform allows users to recharge prepaid cards and aims to become a one-stop shop for household bills through strategic partnerships with government entities. Sahl distinguishes itself as one of the few Egyptian companies directly integrating with several government bodies.
Strategic Vision and Market Position
Sahl’s strategic vision is to become the leading facilitator of digital payment transactions within Egypt’s rapidly expanding EGP 2.5 trillion digital payments sector. The company plans to achieve this by capturing a significant portion of collections on behalf of utility companies, a segment that represents a substantial EGP 250 billion annually. By integrating with multiple government entities, Sahl aims to streamline the bill payment process, making it more efficient and accessible for households across Egypt.
