U.S. entrepreneur Erik Gordon has spearheaded the success of Cairo-based fintech startup Flash in its latest funding round, as the company secures an impressive $6 million in a seed funding round.
Addition and Flourish Ventures, two prominent investment firms, led this significant investment, indicating strong support and confidence in Flash’s vision for revolutionizing cashless payments in the Middle East and North Africa (MENA).
The latest announcement comes as Flash achieves a crucial milestone with the approval of the Central Bank of Egypt (CBE) in collaboration with Banque Misr, granting the startup the license to operate as a technical payment aggregator. This milestone approval reinforces Flash’s commitment to driving the cashless ecosystem and diversifying its digital payment portfolio.
Gordon, the founder & CEO of Flash, emphasized the importance of this funding for the company’s future, stating: “We are humbled by this seed investment, which will enable us to invest in our product and business & customer acquisition and utilize the valuable insights of our experienced investment partners to advance the economy of Egypt.”
The $6-million capital injection will be vital in enhancing Flash’s operational capabilities and expanding its presence in the MENA region. Additionally, it will accelerate product development and business acquisition in Egypt while exploring new growth opportunities in neighboring countries.
Sherine Kabesh, co-founder of Flash, expressed her enthusiasm for obtaining the CBE’s approval, stating: “We are thrilled to have obtained a technical payment aggregator approval from the Central Bank of Egypt in partnership with Banque Misr. This strengthens our commitment to developing the cashless ecosystem, introducing new products, and diversifying our digital payment portfolio.”
Founded in 2021 by Gordon and Sherine Kabesh, Flash offers consumers and businesses innovative cashless payment solutions through a scan-and-pay service. The mobile application allows users to add any existing bank card or digital wallet, facilitating purchases by scanning QR codes presented by businesses during in-store or delivery transactions.
As a testimony to Flash’s rapid growth and popularity, the startup currently processes an impressive 50,000 transactions and has achieved more than 10 million Egyptian pounds ($324,000) in cumulative transaction value. Furthermore, its revenue, generated from charging businesses a processing fee, has been steadily growing at an impressive 30 percent month-on-month rate.
