Egypt’s Raseedi Acquires Kashat to Expand Financial Inclusion With Instant Cash Loans
Egypt-based fintech company Raseedi has acquired Kashat, along with its subsidiary Pharos Microfinance S.A.E., in an equity deal designed to broaden their product offerings and introduce instant cash loans.
Both companies, founded in 2018, share a commitment to financial inclusion for underbanked users in Egypt, making this acquisition a significant step in expanding their impact.
Raseedi, best known for its dialer app that helps users save on calls while offering fintech services like bill payments and airtime loans, has developed a unique credit scoring algorithm based on daily user behavior. Through this acquisition, Raseedi users will now have access to nano-loans of up to 3,000 EGP (approximately $60) via Pharos Microfinance’s fully digital platform. The platform offers a seamless experience with instant disbursement through mobile wallets following a streamlined eKYC process and provides flexible repayment tenures of one to three months.
Pharos Microfinance S.A.E., licensed by Egypt’s Financial Regulatory Authority, has been a trailblazer in nano-financing, empowering small business owners with essential working capital. The acquisition creates a synergy between Raseedi’s behavioral data expertise and Kashat’s proven track record in nanoloans, positioning the partnership as a transformative force in Egypt’s financial inclusion landscape.
Ahmed Atalla, CEO of Raseedi, expressed excitement about the acquisition, stating, “This milestone enables us to provide a fully rounded fintech solution, allowing underserved masses to receive credit instantly. It aligns with Egypt’s financial inclusion agenda and our vision of empowering millions with accessible financial tools.”
Karim Nour, co-founder of Kashat, echoed this sentiment, noting, “This partnership unites two homegrown players in big data and AI to scale financial inclusion across Egypt and beyond. Together, we’ll deliver innovative nanoloan products at scale.”
Looking ahead, Raseedi and Kashat plan to expand their fully digital financial solution across Africa and Asia. Their scalable, zero on-ground operational model sets the stage for replicating success in other emerging markets, paving the way for greater financial inclusion on a global scale.
