Boyot, a startup located in Egypt that provides an end-to-end operating system for payments and financial services focused solely on the real estate market, has secured a six-figure pre-Seed round headed by a Kuwait-based real estate firm, and the company plans to build an office in Kuwait soon this year.
Boyot, founded in 2020 by Mahmoud El Sabongy (CEO), Khaled El Refaay (CTO), and Mohamed Sayed, allows real estate enterprises to digitize their complete payment processes, enabling them to trace the status of their customers’ payments from the time they are scheduled to settlement.
Additionally, businesses can make and market financial solutions such as buy now-pay later (BNPL) by using existing application programming interfaces.
Poor cash flow management, according to CEO ElSabongy, is one of the major roadblocks to the development of small and medium businesses (SMBs) operating in Egypt’s local real estate sector.
Around 85% of merchants don’t receive their receivables via checks. Instead, they send agents out to conduct cash transactions and receive money via bank transfer.
Incorrect cash collection strategies result in lower margins. Firms with inconsistent profits will experience a more complicated and complex payment collection process as merchants increase in size.
The company’s first commercial operations were launched in May. Misr Asset Management Company was the real estate arm Misr Insurance Company and became its first corporate client.
ElSabongy said that the company wants to grow its client base and hire people from both business and the tech worlds. It also plans to invest in its product technologies.
The SaaS market is seeing an increase in demand as digitization continues to gain momentum across traditional sectors.
SaaS startups generated $176.350,000 through 31 agreements in the Middle East, North Africa (Mena), last year. This is out of $3 billion that was acquired by startups in Mena.
It is essential to have a digital interface that allows for online payments and organizes in all sectors of the world.
Online payment is no longer a business value-added service, but a necessity for businesses to continue to exist in the digital age.
Firms that accept contactless payments from remote locations have been favored by customers. This reduces the stress for both the buyer and seller, while also allowing the buyer to reserve the property they desire from any location.
Internet has transformed into a platform for transactions. It is the best method for online networking.
It’s easy for realtors to acquire business proposals quickly and close sales via the internet. Many potential buyers also conduct property searches online.
Real estate agents and realtors can reach large numbers of potential buyers with a tailored app. A mobile app development firm can develop a real-estate search platform with a digital payment system. It will allow potential purchasers to access all messages at any time.
Each step can be easily managed while ensuring compliance with all current regulations. This includes online payment receipts and digital audit trails. Overall, real estate platforms with the appropriate functionality can expand the real estate sector’s potential.
Boyot offers buy now, pay later services and plans to expand into new markets.