Digital lending startup Shahry emerges from stealth, raising $650,000 in pre-seed capital from EGBANK, through its investment arm.
Shahry, a startup that recently soft-launched its digital buy-now-pay-later app, closed a $650K pre-seed round from the investment arm of EGBANK.
Powered by a proprietary AI-based credit scoring engine, Shahry users can apply for virtual credit and order online from thousands of products, then pay later in easy monthly installments.
According to CEO Sherif ElRakabawy, demand has been exploding, growing at 100%+ month-over-month.
“While Shahry is for everyone, we can see Egypt’s un- and underbanked, who live outside of the formal banking system, as being our largest customer segment. Those are people who need access to finance most, and we try to help them make ends meet.”
“We see a great potential in Shahry and the area of financial non-banking services in Egypt, and are looking into investment opportunities that offer innovative solutions for lending. In alignment to this belief, we strive to complement the vision and destination of EGBANK, aiming to center the youth at the heart of its organization and support young entrepreneurs and innovation” Says Mohamed Moheyeldin – CEO of Egyptian Gulf Holding for Financial Investments.