Egypt-based fintech startup that offers cashless transactions to businesses via QR codes, Flash, has secured $6 million in a seed round to boost product expansion and develop the cashless ecosystem.
The funding round was led by Addition, a Venture Capital firm, with participation from Flourish Ventures and other strategic angel investors.
Flash allows customers to purchase with their phones by adding any existing bank card or digital wallet to the app and scanning a QR code that is presented by a business, in-store or non-delivery.
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The startup is eyeing opportunities in the package delivery market with ‘Flash on Delivery’, offering businesses the opportunity to take payments upon receipt of goods at the doorstep.
Speaking on the seed raised, Flash co-founder and CEO Erik Gordon said,
“As a team, we are excited and proud to be launching a new contactless payment method in Egypt. Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS. Our goal is to make payments easier, safer, and faster for everyone. We are also excited to be releasing new features to help consumers make better spending decisions.
“We’re eliminating the need for cash or carrying cards for our consumers and the POS machine on the merchant side. With QR codes, businesses don’t have to worry about integration, setup, and maintenance fees and it’s low-tech, so anyone with a camera on their phone can pay that way”.
Also speaking on the seed round, Andrew Miskiewicz from Addition said,
“Flash is transforming the payments landscape in Egypt, simplifying the complex transactional process for consumers and businesses with a safe and easy-to-use application. We look forward to supporting Flash and its leadership team as they continue to accelerate product development, expand customer bases and help promote financial inclusion.”
Founded in 2021, Flash has built a robust network of key ecosystem participants, stakeholders, and renowned global investors. As part of its growth strategy, Flash is seeking to expand strategic roles in its Engineering and Product teams.
Flash, off the back of obtaining approval from the Central Bank of Egypt to operate as a technical payment aggregator, allows customers to purchase with their phones by adding any existing bank card or digital wallet to the app and scanning a QR code that is presented by a business, in-store or on-delivery. This way, businesses can accept payments without needing the tasking technical integration typically encountered with expensive NFC-enabled point-of-sale (POS) systems.
In alignment with the Central Bank of Egypt’s financial inclusion strategy (2022-2025), Flash empowers the country’s population to seamlessly conduct transactions by transitioning from cash to digital.
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.