Egyptian digital lending startup Shahry has secured $650,000 in pre-seed funding round to grow its loan portfolio and boost its business.
The investment comes from Egyptian Gulf Holding for Financial Investments, the investment arm of the Egyptian Gulf Bank (EGbank).
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By GlobalDataFounded in 2019, Shahry uses proprietary AI-based credit scoring engine, which enables users to apply for virtual credit through its mobile app.
Users can also use the app to purchase different products from different e-commerce platforms and stores and pay in monthly instalments.
The instalments can be paid at Fawry, Aman, or Bee outlets or using a credit card. The company also offers cash collections from home.
The buy-now-pay-later startup enables users to browse the products and checkout on its app without having to log on to store’s website or app.
They can also submit return requests by getting in touch with Shahry.
Shahry co-founder Sherif ElRakabawy said: “We deliberately chose to include the shopping within the app to provide seamless user experience as with it, you can basically get activated and order in one place.”
The integration of online merchants into its app will create an additional revenue stream for the startup.
In addition to providing the users with credit and charging them interest, the startup will earn a commission from the merchants too for every successful sale.
So far the company has onboarded 15,000 users on its app, the majority of which are underbanked people in Egypt.
