Introducing Flash, the groundbreaking cashless payments' app that is revolutionizing the way Egyptians conduct transactions. With the successful completion of a $6 million seed round, led by Addition and with participation from Flourish Ventures and other strategic angel investors, Flash is poised to reshape the digital payment landscape in Egypt.
This significant funding injection will fuel the rapid development of Flash's innovative products and drive extensive customer and business acquisition efforts across Egypt. Notably, Flash has obtained the necessary approval from the Central Bank of Egypt, in partnership with Banque Misr, to operate as a technical payment aggregator, further solidifying its position in the market.
Endorsed by the Central Bank of Egypt, Flash emerges as a transformative payment application, offering seamless and secure cashless payment solutions for both consumers and businesses through its convenient scan and pay service.
Through the user-friendly Flash app, consumers can easily make purchases by linking their existing bank cards or digital wallets and simply scanning a QR code provided by the business, whether it's for in-store or on-delivery transactions.
Excitingly, businesses can now accept payments directly from consumers without the need for complex point-of-sale (POS) systems or technical integrations. Flash was founded in 2021 by Erik Gordon and Sherine Kabesh, distinguished alumni of Uber, driven by the vision to redefine the payment experience in Egypt.
According to Mordor Intelligence, an astounding 80% of online purchases in Egypt are still paid in cash-on-delivery. One of the key reasons behind this trend is that consumers prefer to receive and inspect the product before making a payment. However, many businesses do not offer a POS option for delivery transactions. This is where "Flash on Delivery" comes into play, allowing customers to easily scan a QR code presented by the delivery representative at their doorstep.
Soon, customers of popular businesses like Homzmart, Rabbit Mart, Mori Sushi, and many others will have the convenience of paying through Flash on Delivery, simplifying their payment process.
Erik Gordon, Founder and CEO of Flash, expressed his excitement about the successful fundraising, stating, "As a team, we are thrilled and proud to introduce a groundbreaking contactless payment method in Egypt. Our mobile application addresses the challenges faced by businesses when it comes to transactions, providing a simpler solution compared to traditional POS systems. Our ultimate goal is to make payments easier, safer, and faster for everyone. We are also excited to unveil new features that will empower consumers to make informed spending decisions. This seed investment not only humbles us but also enables us to invest in our product, expand our customer base, and leverage the valuable insights of our experienced investment partners to contribute to the growth of Egypt's economy."
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