Egyptian fintech startup Flash has raised USD 6 mn in seed funding in a round led by New York-based VC firm Addition, it said in a press release (pdf) yesterday. The round also saw participation from fintech-focused Flourish Ventures as well as a number of strategic angel investors, according to the statement.

Flash? Founded in 2021 by two former Uber employees — Sherine Kabesh ( LinkedIn) and Erik Gordon ( LinkedIn, also Flash’s CEO ) — Flash is a payment application offering users cashless payment solutions using scan and pay services that avoid the need for point-of-sale systems.

Where the money’s going: Flash will use the funds to accelerate its product development and customer and business acquisition across Egypt.

How does it work? The app is targeting businesses that don’t have POS machines: It will allow consumers to pay for purchases with phones by “adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on-delivery.”

Who’s on board? The funding release name-checks Homzmart, Rabbit Mart, Mori Sushi and “many others,” saying they will soon allow their customers to pay using “Flash on Delivery.”

What they said: “We are excited and proud to be launching a new contactless payment method in Egypt,” Gordon said in the statement. “We are humbled by this seed investment, which will enable us to invest in our product and business and customer acquisition, and utilize the valuable insights of our experienced investment partners.”

It’s now a licensed payment aggregator: The startup recently got the central bank’s approval to operate as a payment aggregator alongside Banque Misr. “We are thrilled to have obtained a technical payment aggregator approval from the Central Bank of Egypt,” Kabesh said. “This strengthens our commitment to developing the cashless ecosystem, introducing new products, and diversifying our digital payment portfolio.”

Tags: