Flash, an Egyptian fintech startup, has secured $6 million in seed funding to grow its customer base, develop its products, and expand its business in Egypt.
Addition led the round, with participation from Flourish Ventures and other strategic angel investors.
This announcement follows the company’s approval by the Central Bank of Egypt to act as a technical payment aggregator.
Founded in 2021 by Erik Gordon and Sherine Kabesh, Flash is a payment app that provides cashless payment solutions to consumers and businesses via a scan-and-pay service.
It allows users to make purchases using their smartphones by adding any existing bank card or digital wallet to the app and scanning a QR code displayed by a company, in-store or during delivery.
This eliminates the complex technical integration typically required with Point of Sale (PoS) systems, allowing businesses to accept payments.
The fintech works with an Egyptian bank, Banque Misr., to offer its services.
Flash's primary clients are eCommerce platforms and companies that accept cash on delivery, such as pharmacies, restaurants, fast-food chains, and grocery stores.
Even though many companies do not offer PoS options during delivery, the "Flash on Delivery" offering enables these companies to give customers a QR code that can be scanned at the point of collection.
The co-founders say the company serve over 100 businesses in the coming year, though they would not say how many merchants (and end users) are using its platform.