Flash, a cashless payments app in Egypt, has successfully raised $6 million in a seed funding round led by Addition. Flourish Ventures and other strategic angel investors also participated in the funding round. The company plans to utilize the funds to expedite its product development and expand its customer base and business operations within Egypt.
Flash has received approval from the Central Bank of Egypt, in collaboration with Banque Misr, to operate as a technical payment aggregator. This endorsement from the country’s central bank solidifies Flash’s position as a reliable and secure payment application.
The primary objective of Flash is to provide cashless payment solutions for both consumers and businesses through its scan and pay service. With this application, consumers can make purchases using their smartphones by linking any existing bank card or digital wallet to the app. They can then simply scan a QR code provided by businesses either in-store or during delivery.
One of the key advantages of Flash is that it eliminates the need for point-of-sale (POS) systems or technical integration for businesses. They can now accept payments directly from consumers through the app, streamlining their operations and enhancing convenience for both parties.
According to Mordor Intelligence, approximately 80% of online purchases in Egypt are paid for with cash-on-delivery. One contributing factor is that consumers prefer to receive products before making payments. However, many businesses do not offer a POS option during delivery, which led to the “Flash on Delivery” option allowing customers to simply scan a QR code presented by delivery representatives at their doorstep.
In the future, customers ordering from popular businesses such as Homzmart, Rabbit Mart, Mori Sushi, and others will have the option to pay using Flash on delivery.
With the successful completion of its seed funding round and the approval from the Central Bank of Egypt, Flash is well-positioned to revolutionize the payment landscape in the country. By offering a secure and user-friendly cashless payment solution, Flash aims to drive the adoption of digital payments in Egypt.
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