Egypt’s tech ecosystem is making significant strides in achieving financial inclusion, primarily driven by the rising popularity of digital wallets and cards. Despite this progress, cash continues to dominate the payment landscape in the country. To promote digital payment adoption further, the Central Bank of Egypt is now advocating for contactless payments as an effective method to enhance financial inclusion.
Addressing this opportunity, an Egyptian cashless payments startup, Flash, aims to revolutionize the payment landscape by offering innovative solutions to consumers and businesses. Securing a $6 million seed funding round led by Addition, the venture capital firm founded by former Tiger Global executive Lee Fixel, Flash intends to accelerate product development and expand its customer and business acquisition efforts.
Founded in 2021 by former Uber executives Erik Gordon and Sherine Kabesh, Flash has introduced a simple yet efficient purchasing method. Users can easily link their existing bank cards or digital wallets to the platform and complete transactions by scanning a QR code provided by the merchant, whether in-store or for delivery. This streamlined process eliminates the need for costly point-of-sale systems and complex technical integrations, making transactions faster and more convenient for all parties involved.
Having obtained regulatory approval from the Central Bank of Egypt, Flash has solidified its position as a technical payment aggregator, collaborating with Banque Misr.