Lee Fixels Addition leads $6M seed round in Egyptian fintech Flash

News Summary

  • The number of mobile phone wallets reached 46,500 per 100,000 people, according to a Mastercard report.While e-wallets and cards dominate the digital payments landscape, Egypt’s apex bank is keen to promote another method: contactless payments, after recently issuing regulations governing payment card tokenization on mobile apps.
  • In a statement, Kabesh said Flash securing license approval and bank partnership “strengthens our commitment to developing the cashless ecosystem, introducing new products, and diversifying our digital payment portfolio,” which includes automated bill payments and behavioral insights into spending, for instance.
  • So longer term, I think we can also perform instant settlement and lower transaction costs.”That’s not to say QR code technology doesn’t come with cons, some of which include tampering with codes or placing fraudulent codes over real ones to divert payments.
  • In Egypt, for instance, platforms like Fawry and InstaPay — tapped into the apex bank’s policies to reduce cash dependencies — are responsible for the spread of e-wallets and cards in the North African country where 64% of Egyptians increased their adoption of digital payments solutions last year.
  • Image Credits: FlashE-commerce platforms and businesses whose payment methods include cash on delivery — pharmacies, restaurants, fast-food chains and grocery shops — are Flash’s main customers.
  • When collected from the drivers at the end of each day, this turned into piles of money being counted in warehouses, which led to fraud and theft.Finding ways to stop this leakage, which hurt consumers and businesses in Uber’s ecosystem of products, was a massive headache for his team.
Driving financial inclusion through digital payment methods is among the top priorities for the governments of Africas biggest tech ecosystems where cash is still king. Several initiatives launched b [+7132 chars]