Sahl, a Cairo-based fintech that helps households pay their utility bills, raised $6 million in a combination seed and series A fundraising round.
The company will use these funds to enhance and develop new offerings as it seeks to become a full financial services provider.
The funding round was led by Ayady for Investment and Development, a prominent Egyptian investment organisation with a track record of backing innovative entrepreneurs. Existing investors Egypt Pay, Delta Electronic Systems, and E-Finance have joined the investing company on the cap table.
When asked about the money, Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager of Ayady for Investment and Development, stated that the company’s investment reflected their conviction in the startup’s capacity to redefine bill payments in Egypt.
Sahl, founded in 2020 by Ahmed Othman, Ibrahim Assal, and Abullah Assal, is a bill payment platform that lets users recharge their prepaid cards. In partnership with government entities, the fintech aims to become a one-stop shop for home bills.
The company takes pleasure in being one of the few Egyptian enterprises that directly integrates with many government institutions. The company’s strategic aim is to become the leading facilitator of digital payment transactions in Egypt’s burgeoning EGP 2.5 trillion digital payments sector.
They intend to accomplish this by seizing a sizable percentage of utility company collections, which total EGP 250 billion each year.
To strengthen its dominant position, Sahl intends to form strategic alliances that open up new distribution channels collaborative technology ventures, and co-marketing opportunities.
Sahl is also one of the rare Egyptian companies that works directly with multiple government bodies.
This integration enables users to easily access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecom operators in the country (Vodafone, WE, Orange, and Etisalat), Petrotrade for petrol, Cable Network Egypt for TV subscriptions, and many other providers.
Ahmed Othman, the startup’s Chief Performance Officer, stated that “Sahl is our direct contribution to providing a world-class experience in terms of reliability and UX in a market that has always compromised the end user.”
Since its establishment in 2020, Sahl has emerged as a prominent participant in Egypt’s financial market, serving over 12 million consumers and 15 million homes each month.
