{"id":560757,"date":"2021-03-11T04:07:22","date_gmt":"2021-03-11T04:07:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/fintech-startup-dayra-raises-usd-3-mn-in-pre-seed-funding-round\/"},"modified":"2021-03-11T04:07:22","modified_gmt":"2021-03-11T04:07:22","slug":"fintech-startup-dayra-raises-usd-3-mn-in-pre-seed-funding-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/fintech-startup-dayra-raises-usd-3-mn-in-pre-seed-funding-round\/","title":{"rendered":"Fintech startup Dayra raises USD 3 mn in pre-seed funding round"},"content":{"rendered":"

<\/a> Egyptian fintech startup <\/strong>Dayra<\/a><\/strong> has closed a USD 3 mn pre-seed funding round <\/strong>that includes both equity and debt financing, according to a company press release (pdf)<\/a>. EFG EV Fintech, EFG Hermes, Tanmiya Capital Ventures and a number of angel investors all participated in the round, which closed after the company landed USD 125k from startup accelerator Y Combinator in return for 7% of the company\u2019s stock, Menabytes<\/a> reports. The funds raised will be used to double Dayra\u2019s 10-member team and expand its product features.<\/p>\n

Dayra provides financial services to underbanked populations: <\/strong>Founded in early 2020 by Omar Ekram, the company provides virtual bank accounts, prepaid cards and loans to unbanked gig workers and micro-businesses through its app, or through API integration into companies\u2019 own apps. With lending as its core service, the startup offers loans of varying terms averaging around USD 500, with repayments received automatically from earnings of the gig worker.<\/p>\n

ALSO FROM PLANET STARTUP-<\/strong><\/p>\n

Egypt was the region\u2019s fourth-largest destination in MENA for startup funding in <\/strong>February<\/strong> after five firms received a combined USD 11 mn in finance during the month, according to a Wamda report<\/a>. Figures show that USD 160 mn flowed into startups across the region last month, with 16 companies in the UAE alone raking in a combined USD 88 mn. Saudi Arabia came in second, with nine companies receiving USD 36 mn, and Bahrain came a distant third, seeing USD 13 mn in inflows.<\/p>\n

What\u2019s hot:<\/strong> Foodtech startups received the most funding during the month, with four companies raising USD 36 mn, while fintech was the most crowded, with eight startups receiving USD 18.4 mn. Although at least two UAE startups \u2014 Yellow Door Energy and Starzplay \u2014 raised funds through debt financing, most rounds were at the seed stage. That\u2019s largely in keeping with last year\u2019s trends<\/a> here in Egypt, where tech startups, including those in the fintech and e-commerce spaces, were the hot sectors for venture capital funding.<\/p>\n