NEWS
Cassbana: Egyptian Lending App Raises US$ 1M from Disruptech
The Egyptian lending app, Cassbana, has reportedly raised US$1 million pre-seed investment round from Disruptech. This a fintech startup that using AI (artificial intelligence) powered approach to run a behavior-based credit scoring system for lenders. Other angel investors and fintech funds also participated.
Cassbana uses artificial intelligence and machine learning to deliver financial services to the underserved and unbanked market in Egypt. They offer financial institutions and companies the opportunities to develop innovative lending and financial support solutions by means of analysing the behavioral patterns of their numerous customers to enable them make decisions.
According to Haitham Nassar, the founder and CEO of Cassbana, their goal is to create financial identities for the underserved and unbanked in Egypt, who most often cannot receive financing from their suppliers and service providers to scale their small businesses or pass through a difficult time in their business journey.
He continued, that instead of them being assumed to be of high default risk, “our financial identities offer them a chance to receive different financing options with a low risk of default.”
Cassbana says it is using the funds to grow the business and expand their operations in the local market as it looks to playing a role regionally and globally.
What we know is that, Cassbana launched its services on a trial basis in June, 2020. By then, they only had one service provider in Cairo, and thankfully now having more than 20 service providers in the Egyptian capital, the Nile Delta, and other cities, with plans to expand to Upper Egypt.
The CEO noted that they are aspiring to reach every corner in Egypt and to succeed in creating financial identities for one million customers before the end of 2021.
“We are happy to be leading this Pre-Seed round in Cassbana’s journey. The Egyptian Fintech ecosystem is one of the biggest worldwide, our role as a fund is to support Fintech companies from the beginning all the way through local and international IPOs.” -Mohamed Okasha, Head of the Disruptech Fund said.
He futher went on to appreciate the team at Cassbana by stating that, they at Disruptech have seen the fintech’s teamwork ethic first-hand and their growth over the past 6 months has been monumental to say the least.
He reveals, his venture capital firm (Disruptech) held an admiration for Cassbana’s strategic vision for both local and international growth, giving them reason to lead them in their first round of investment.
Have you recently launched your startup, raised funding or any news about your company or organization? Email your story to editor@thespiritedhub.com.
NEWS
Fincheck: TransUnion Partners SA’s Financial Comparison Site to Move Consumers toward Financial Freedom
TransUnion, a leading global information and insights company, partners the largest financial comparison marketplace in South Africa known as Fincheck, strategically for making the process of credit application by consumers much easier and less stressful.
Fincheck has the ability for making the process of searching for the best-suited bank, lender or insurer effortless for numerous consumers because of its deep understanding of the risk appetites of financial institutions in the country.
TransUnion is the leader of South Africa’s credit market, who does well to provide thorough details of each applicant seeking credit. By this partnership of market leaders, Fincheck can adequately match the right lead to the right lender, insurer and banks to save time for all parties.
Currently, the fintech company compares offers from more than 80 major banks, insurers or lenders in South Africa, which allows their consumers choose the most suitable and competitive form of financing for finding credit to cover unexpected expenses or making ends meet.
Due to this new arrangement, consumers can also have access to a free TransUnion credit report on Fincheck, helping them understand their financial position to make better and more responsible financial choices. The report is easily understood and states clearly actionable steps on how to improve credit score and financial health.
In a statement released, Hans Zachar, the Director of Emerging Markets at TransUnion Africa, stated that,
“The TransUnion/Fincheck partnership will assist consumers in managing their finances, especially during these challenging times. By working with Fincheck we’re helping to increase financial awareness and access to credit.”
Thanks to the COVID-19 economic slowdown across the globe, Fincheck has seen an enormous interest from its new and existing consumers, wanting to improve their credit scores.
According to the CEO of Fincheck, Michael Bowren, commenting on the new relationship, he said,
“Being able to access affordable credit and valuable information in the same place will help South African consumers during these challenging times. Checking the information held on you is accurate before making an application can be an invaluable tool that can help you understand your financial options more clearly.”
Bowren concludes saying ultimately, their aim is to assist the user with his/her financial decisions and move them towards financial freedom.
Have you recently launched your startup, raised funding or any news about your company or organization? Email your story to editor@thespiritedhub.com.
