Balad closes seven-figure USD pre-seed round led by Acasia Ventures

Balad completes first funding round: Egyptian VC firm Acasia Ventures led a seven-figure USD pre-seed investment round in fintech startup Balad, according to a press release (pdf). Other investors in the round included Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side and several MENA-region family offices.

Making it easier to send cash home: Founded last year by Adham Azzam (LinkedIn), Sally Asaad (LinkedIn) and Mohamed Assem (LinkedIn), the Cairo-based startup provides remittance-focused financial services for expats and their families. Individuals can buy Balad prepaid cards to complete instant delivery of inward remittances and receive reduced transfer fees.

We don’t have details on the funds yet: Acasia Ventures declined to provide details as to their investment in Balad or the total raised in the funding round as the information is not yet public. The funds will be used to develop the company’s new remittance platform, integrate it with the company’s banking partner, and hire new recruits, the press release said.

Acasia has had a busy 2023: The VC has invested in Dubai-based digital banking platform Credable, Nigerian delivery platform Fez Delivery and Athens-based retail apparel swap startup Swaplanet.

FYI- Balad was one of seven Egyptian startups long-listed for the VivaTech’s 2023 AfricaTech awards, announced at the end of last month.