Kenyan fintech startup, FlexPay, has received an undisclosed amount of funding from early-stage startup investor, Cairo Angels Syndicate Fund (CASF).
Online and offline payment gateway, FlexPay, has built a process which enables interest-free targeted savings for merchants and customers in Africa, who have the freedom to choose how and when to pay for high-value goods and services.
Through FlexPay, shoppers can purchase goods and pay in instalments, increasing flexibility and spending power. Also, merchants can choose to integrate FlexPay as a checkout option online, or offer offline in-store flexibility.
“We are thrilled to have The Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving — Save Now, Buy Later — we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap,” Richard Machomba, Founder and CEO of FlexPay, said.
“FlexPay is our first investment in Africa outside of Egypt. Richard and Johnson are two stellar founders who have built an amazing FinTech platform that flips BNPL on its head by harnessing the power of saving and digitizing the deep-rooted culture of ‘layway’. We will be supporting FlexPay with their regional expansion plans in other key African markets, including Nigeria and Egypt,” noted Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.
The Cairo Angels is Egypt’s first formal angel investment network; investing in and supporting early-stage startups in Egypt and across the MENA region. Established in 2012, Cairo Angels convenes regular investment meetings to review pre-selected potential investees that meet the Cairo Angels investment criteria.
While angels make their own investment decisions, Cairo Angels facilitate due diligence for opportunities that receive interest from investors, negotiate terms and finalize deal closing.
Post-investment, the Cairo Angels can also provide portfolio management services for its investors. Angels invest their capital in return for a minority equity stake in the business and collectively make investments that range between 250,000 to 2 million Egyptian Pounds per Company. Cairo Angels have invested $2.8 Million in 28 startups across six cities.