Egyptian fintech startup Raseedi raises 850k in preSeries A round

Raseedi, an Egyptian startup, has raised $850,000 in pre-Series-A funding from Samurai Incubate. The investor is an EU-based investor. Other investors include 500 Global, EFG–EV and Falak Startups. Raseedi was founded in 2018 by Samuel Samy and Ahmed Atalla. It receives more than 10 million visits per month and phone calls via its dialer app.

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Raseedi, the voice-over-Internet protocol (VOIP), app is seeking to use a unique approach to onboarding millions of Egyptians who are underbanked to the fintech boom. Customers can save money by using the app, which offers cheaper calls and data-saving tips. Raseedi averages 120 visits per month from normal users, while top users receive 1,000 visits per month. This makes it easy to introduce customers to advance credit and payments. Organic App communication and upselling enabled payment volumes to increase five times per month, while 5,000 advance credits were issued within a few months.

The app was launched by Ahmed Atalla in 2013. Raseedi’s CEO, Raseedi, notes that the company has been focused on the masses since its inception. He also pointed out that users now have the option to call at lower rates, pay their telecom/utility bill while receiving advanced telecom credit, pay friends/contacts, borrow from others, and receive cash loan guarantees from members of the community.

Samuel Samy is the company’s COO and head for the product. He revealed that the company operates as a lean startup, where they only spend on people and tech and never on assets or operations. Everything happens on the app from payments to communication to getting instant advance credit. Its goal is to increase its app’s traction to more than 100 million users per month, from the 1 million currently active users.

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