Balad, an Egyptian fintech startup, has raised a seven-figure USD pre-seed round of capital to launch its remittances platform, increase its workforce, and obtain essential licenses.
The fundraising round was led by Acasia Ventures, formerly known as Cairo Angels, an Egyptian venture capital firm. Launch Africa Ventures, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices were also present.
Balad is a remittance-driven financial services business that helps migrants and their families. It was started by Adham Azzam, Sally Asaad, and Mohamed Assem in 2022.
The company offers lower transfer fees and quick receipt of incoming payments through its Balad prepaid cards.
Acacia Ventures was the lead investor in our pre-seed round. They helped the founders from the beginning and made it easier for us to find other investors. We are excited to use Acasia Ventures’ knowledge, links in Africa, and synergies with the companies in its portfolio.” Azzam said
Aly El Shalakany, a managing partner at Acasia Ventures, said, “Balad is run by an experienced executive team that has shown it can bring such an important product to market.”
“Its offering is unique and different in that it gives people who receive money from remittances a quick and cheap way to access money, which expands the scope of financial inclusion in Egypt and the GCC.”
Balad will use the money to launch its remittance platform, build its technology, hire more staff, get the appropriate licenses, and finish integrating with its banking partner.