Qardy banks on fresh pre-seed funding to boost MSME financing: Digital lending marketplace Qardy has closed a USD seven-figure pre-seed investment round with participation from White Field Ventures, Vastly Valuable Ventures, and other angel investors, according to a press release (pdf).

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Where’s the money going: The company will use the fresh funds to boost its services in Egypt and fast-track its planned expansion into Saudi Arabia and the rest of the region.

About Qardy: Founded in July 2022, Qardy is Egypt's first online lending marketplace connecting financial institutions with micro, small, and medium enterprises (MSMEs) seeking funding. The platform has facilitated over EGP 550 mn (USD 12 mn) in loan transactions for more than 6k corporate clients since late 2022. Qardy partners with national and commercial banks, as well as leasing, factoring, and microfinance companies, to offer tailored financial programs supporting MSMEs' working capital and expansion needs.

What they said: “We are thrilled to have reached this important milestone in our journey,” said COO Tamer El Manasterly. “The support and trust of our investors have been instrumental in driving our growth and enabling us to expand our reach and impact in the market.”

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