{"id":658622,"date":"2025-01-14T00:00:00","date_gmt":"2025-01-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/14\/raseedi-completes-full-acquisition-of-nanocredit-outfit-kashat\/"},"modified":"2025-01-14T00:00:00","modified_gmt":"2025-01-14T00:00:00","slug":"raseedi-completes-full-acquisition-of-nanocredit-outfit-kashat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/14\/raseedi-completes-full-acquisition-of-nanocredit-outfit-kashat\/","title":{"rendered":"Raseedi completes full acquisition of nanocredit outfit Kashat"},"content":{"rendered":"

Raseedi acquires Kashat:<\/strong> Fintech startup Raseedi<\/a> has acquired Kashat<\/a> \u2014 as well as its subsidiary, nano-financial services provider Pharos Microfinance \u2014 for an undisclosed sum, in what the firm described as \u201can equity deal to broaden its product offerings and introduce instant loans\u201d to its portfolio, Raseedi said in a statement (pdf)<\/a>. <\/p>\n

What the acquisition will bring:<\/strong> The transaction will open the door to the launch of a new product that will allow small and single-proprietor business owners to apply for instant disbursed cash of up to EGP 3k provided by Kashat in less than 5 minutes; the facilities will have a short repayment cycle of 1-3 months. The product will be based on Raseedi\u2019s \u201cproprietary technology and home grown credit scoring algorithm,\u201d the two said.<\/p>\n

The company has big expansion plans in the pipeline: <\/strong>After launching in Egypt \u2014 which will take roughly six months \u2014 Raseedi will look into expanding into markets that could include Morocco, Uzbekistan, as well as other economies in Central and West Africa, Raseedi CEO Ahmed Atalla told EnterpriseAM. \u201cInitially, we\u2019re going to be looking at markets with a significant unbanked population. Tentatively, we\u2019re planning on launching in Morocco within 12 months,\u201d he told us.<\/p>\n

\u201cWe currently have around 120k active monthly users on our platform \u2014 we plan to push <\/strong>that figure to around 1.5 mn within the next 6-8 months<\/strong>, before hitting our main target of 3 mn monthly users,\u201d Atalla told us. \u201cWe plan to be disbursing up to EGP 3k to underbanked people \u2014 a figure we plan to talk to the FRA about increasing over time. We want to provide users with lending opportunities for their small businesses or for entrepreneurial ventures they may be working on,\u201d he continued. <\/p>\n

Raseedi also plans on launching a B2B service<\/strong>, where it would partner with ride-hailing companies to provide drivers with instant payment against future rides that are paid for through credit cards, and to provide delivery workers with cash payments in advance \u2014 all of which would be up to EGP 3k to be paid back within a short term. \u201cThe goal is to conduct partnerships with big business with a lot of employees on the ground to give them the ability to be paid in advance for their endeavours,\u201d Atalla said, adding that Raseedi will begin working on those partnerships by the second half of the year. <\/p>\n

Management changes will also follow:<\/strong> Raseedi will hire a managing director to lead Kashat. It will also be tapping personnel in the credit and risk management positions, Atalla said.<\/p>\n

What they said: <\/strong>\u201cThe ability to easily lend money to the masses will be expanded, and Raseedi along with Kashat, through its subsidiary Pharos Microfinance, will become Egypt\u2019s only financial service provider to offer nano loans at scale; and that was purpose built for the task. This deal is important because the companies involved are true big data and artificial intelligence players, and are both home-grown,,\u201d our friend Karim Nour, co-founder and CEO of Kashat, said in the statement. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company plans to expand into Morocco within 12 months, CEO Ahmed Atalla told us<\/p>\n","protected":false},"author":1,"featured_media":658623,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,183,7128,595,3041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-658622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-fintech","tag-ma-watch","tag-non-banking-financial-services","tag-raseedi","wpautop","entry"],"acf":{"mongo_id":"f68cc30a-fc86-4ad7-b528-04bc8b8de066","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/734.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Raseedi completes full acquisition of nanocredit outfit Kashat","related_issue":[658612],"teaser":"The company plans to expand into Morocco within 12 months, CEO Ahmed Atalla told us","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.45560efc-44d5-49da-97b6-67dba1cd07f9.mp3"},"yoast_head":"\nRaseedi completes full acquisition of nanocredit outfit Kashat - 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The Android app helps dual SIM card users save money on cross-network charges\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553412,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/raseedi-raises-usd-850k-pre-series-a-investment-bexel-closes-usd-six-figure-round\/","url_meta":{"origin":658622,"position":2},"title":"Raseedi raises USD 850k pre-series A investment + Bexel closes USD six-figure round","author":"enterpriseam admin","date":"2 December 2021","format":false,"excerpt":"Fintech startup Raseedi raised USD 850k in pre-series A funding from Africa-focused Japanese VC firm Samurai Incubate, an undisclosed European investor and existing investors including 500 Global, Falak Startups and EFG-EV, Wamda reports. The company had previously raised USD 400k in seed funding in 2019.About Raseedi: The telecom app launched\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595470,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/26\/startup-raseedi-looking-to-attract-usd-1-5-mn-investments-next-year\/","url_meta":{"origin":658622,"position":3},"title":"Startup Raseedi looking to attract USD 1.5 mn investments next year","author":"enterpriseam admin","date":"26 September 2019","format":false,"excerpt":"Telecom startup Raseedi aims to attract USD 1.5 mn in investments in 2020 to expand into new markets and reach 1 mn users, co-founder Samuel Samy told the local press. Raseedi expects to launch new services by the end of this year, including caller ID, and plans to extend its\u2026","rel":"","context":"In "Telecoms + ICT"","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":658668,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/14\/is-bonyan-on-the-way-to-an-ipo-in-1q\/","url_meta":{"origin":658622,"position":4},"title":"Is Bonyan on the way to an IPO in 1Q?","author":"enterpriseam admin","date":"14 January 2025","format":false,"excerpt":"Good afternoon, friends. The weather is cooling down, but the press is heating up. This issue is packed with news of IPOs, public holidays, Big Tech shakeups, and the survival of planet Earth.MASHREQ CONCLUDES ITS GLOBAL CLEANUP PROJECT IN EGYPTMashreq wraps up its Climb2Change environmental cleanup in Wadi Degla: Our\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/12.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575928,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/03\/raseedy-rolls-out-independent-digital-wallet-with-saib-bank-mastercard\/","url_meta":{"origin":658622,"position":5},"title":"Raseedy rolls out independent digital wallet with SAIB Bank, Mastercard","author":"enterpriseam admin","date":"3 November 2020","format":false,"excerpt":"Cairo-based telecoms app Raseedy has launched a digital wallet in partnership with SAIB Bank and Mastercard, according to a press release (pdf). The product, which Raseedy bills as the country\u2019s \u201cfirst independent\u201d digital wallet, allows users to transfer money, make QR code purchases, pay bills, hold virtual debit cards, and\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/658622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=658622"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/658622\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/658612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/658623"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=658622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=658622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=658622"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=658622"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=658622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}