Egyptian cashless payments app Flash has raised a US$6 million seed round to accelerate its product development, as well as its customer and business acquisition.
Founded by Uber alumni Erik Gordon and Sherine Kabesh in 2021, Flash is a payment application that provides cashless payment solutions for consumers and businesses through a scan and pay service.
The application allows consumers to make a purchase with their phones by adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on-delivery. Businesses can accept payments directly from consumers without the need for point-of-sale (POS) systems or technical integration.
The startup’s US$6 million seed round was led by Addition with participation from Flourish Ventures and other strategic angel investors, and will be used to help it scale more quickly. Flash has also obtained approval from the Central Bank of Egypt in partnership with Banque Misr to operate as a technical payment aggregator.
Gordon, Flash’s CEO, said the company was “excited and proud” to be launching a new contactless payment method in Egypt.
“Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS. Our goal is to make payments easier, safer and faster for everyone. We are also excited to be releasing new features to help consumers make better spending decisions,” he said. “We are humbled by this seed investment, which will enable us to invest in our product and business and customer acquisition, and utilise the valuable insights of our experienced investment partners to advance the economy of Egypt.”
Andrew Miskiewicz of Addition said Flash was transforming the payments landscape in Egypt, simplifying the complex transactional process for consumers and businesses with a safe and easy-to-use application.
“We look forward to supporting Flash and its leadership team as they continue to accelerate product development, expand customer bases and help promote financial inclusion,” he said.