Flash, a cashless payments app in Egypt, has secured a $6 million funding round led by Addition, with participation from Flourish Ventures and a host of other strategic angel investors.
The financing will be used to enhance the company’s efforts in developing its products and attracting new companies and customers in Egypt.
Flash also obtained approval from the Central Bank of Egypt to act as a payment technology service provider in partnership with Banque Misr.
The app was founded in 2021 by two former Uber employees, Eric Jordan and Sherine Kabsh.
The application allows consumers to make purchases using their phones by adding any bank card or digital wallet to the application once, scanning the QR code that is provided by any company or store, or upon delivery, and paying upon receipt.
Businesses can accept payments from consumers directly without the need for point-of-sale (POS) systems or the need for technical integration.
Eric Jordan, Founder and CEO of Flash, said that the company’s mobile application contributes to easing some of the hurdles facing payments for companies, which are looking for a more convenient and efficient solution than the traditional point-of-sale system.
Andrew Miskiewicz of Addition said Flash is changing the payments landscape in Egypt, simplifying transactions for consumers and businesses through a secure and easy-to-use application.
Ameya Upadhyay of Flourish Ventures said, “Florish has always sought to invest in entrepreneurs who are passionate about creating a fairer financial system, so we are pleased to support Flash, as their core vision is to empower both traders and investors alike. We are also pleased to support a financial technology company co-founded by a woman.”
Sherine Kabesh, Co-Founder Flash, said, “We are pleased to have obtained approval as a payment technology service provider from the Central Bank of Egypt in partnership with Banque Misr. This approval reinforces our commitment to developing the cashless payments business environment, introducing new products, and diversifying our digital payment portfolio. It will also enable us to expand the scope of our digital financial products and reach millions of small business owners, and drive growth and the advancement of the digital economy in Egypt.”
