Fintech company Raseedi from Egypt purchases the local mobile lending app, Kashat.
Egyptian Fintech Startup Raseedi Acquires Kashat and Pharos Microfinance
In a strategic move to expand its reach and services, Egyptian fintech startup Raseedi has announced the acquisition of Kashat and its subsidiary Pharos Microfinance. This acquisition marks a significant step towards providing a fully rounded fintech solution of payments and lending to millions of underserved masses, according to Ahmed Atalla, CEO of Raseedi.
Launched in early 2020, Kashat has been offering digital financial services, and through this acquisition, Raseedi will leverage Kashat's Financial Regulatory Authority (FRA) license to offer nano loans with 1-3 month tenures. These loans will be disbursed directly to users' mobile wallets within minutes after completing a digital eKYC process.
The acquisition will enable Raseedi to provide loans of up to EGP 3,000 to underbanked users through a completely digital process. This move aims to further scale financial inclusion in Egypt and beyond, as stated by Karim Nour, co-founder and CEO of Kashat.
Raseedi initially started as a dialler app helping users make cheaper calls. However, it has since evolved and raised a total of $1.25 million in disclosed funding to date. Kashat, on the other hand, raised $1.75 million in a bridge round in 2021. The combined entity has raised a total of $3 million in disclosed funding to date.
The exact financial details of the deal were not disclosed. The combined entity, Raseedi along with Kashat and its subsidiary Pharos Microfinance S.A.E., will become Egypt's only financial service provider to offer nanoloans at scale.
The companies plan to expand their digital financial services beyond Egypt into other markets across Africa and Asia, subject to securing relevant licenses and regulatory approvals. The combined entity aims to leverage their expertise in big data and artificial intelligence to create innovative financial services for underserved populations.
This acquisition is part of Raseedi's active growth following the acquisition, with the company opening 40 new stores costing EGP 400 million in the first half of 2025 [1]. However, there is no specific publicly available information yet about the acquisition of Pharos Microfinance, detailed product offerings, financial transaction details, or explicit future expansion plans related to these acquisitions from the latest search results.
For more detailed and updated information on product offerings or financial specifics, it may require direct company releases or financial regulatory filings beyond the currently available data.
[1] Source: Egypt Today
In the continued expansion of its financial services for underserved masses, Raseedi plans to leverage Kashat's technology and regulatory approval to offer nano loans. This move represents a strategic advancement in tech-driven financial inclusion, bridging gaps in communities across various regions.
To scale this financial inclusion, the combined entity aims to use advanced big data and AI solutions, promising innovative digital services beyond Egypt, targeting African and Asian markets after securing necessary licenses.
