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.
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The Global Tommy Hilfiger Fashion Frontier Challenge Calls for Applicants, Chance to Win €200K
Tommy Hilfiger announces launch its third annual global Tommy Hilfiger Fashion Frontier Challenge, supporting entrepreneurial startup and scale-up stage companies developing solutions and making the fashion landscape more inclusive.
Its mission according Tommy Hilfiger, is creating a fashion that Wastes Nothing and Welcomes All. The fashion frontier challenge will support entrepreneurs who are standing up for what they believe in and are committing to driving change in their communities.
The prizes for winners of the Tommy Hilfiger Fashion Frontier Challenge aim at ﬁnancing and providing knowledge to grow their business ideas.
Launched in 2018, the third edition of the this fashion challenge endeavours to support black, indigenous and people of color entrepreneurs, especially those working to advance their communities and nurture a more inclusive future of fashion.
After the outdooring of the initiative Mr Tommy Hilger said that,
“I have been inspired by this talented group of social entrepreneurs whose innovations are making the fashion landscape more inclusive and sustainable.”
All interested fashion entrepreneurs are welcome to submit their applications which focus on creating an inclusive fashion value-chain.
Successful applicants are going to be narrowed down to six finalists and invited to virtually develop their project plans with the assistance of dedicated Tommy Hilfiger and external subject matter experts. There will be coaching from an experienced pitch coach, and the finalists will pitch their final concept to a prestigious jury panel and associate audience at the worldwide Tommy Hilfiger Fashion Frontier Challenge final event, slated for early 2022.
What does Tommy Hilfiger consider a startup and a scale-up?
The Startup: The business should be in its early stages, it’s yet to reach product-market fit, still experimenting with customer segmentation and working toward overall positive contribution margin but you are making some revenue.
The Scaleup: The company has a validated product with product-market fit with a clear and sustainable unit economics (outlook), and it is in a growth-mode. You must have made revenue for at least a year.
- After applying, successful applicants will be notified in June 2021 to progress to the second round of the Tommy Hilfiger Fashion Frontier Challenge.
- Once selected, participants provide additional information regarding their business enterprise, including a one-minute pitch video.
Note: Applications should be in English and business pitch also in English.
Progressing further will be six (6) finalists who are invited to further develop their business or project plans during a digital Design Sprint with the support of a team of dedicated internal Tommy Hilfiger associates and external specialists in October 2021.
Each finalist will pitch their concept at the global Tommy Hilfiger Fashion Frontier Challenge final event in early 2022, with a chance to win the prize package.
The Prize Package
- Win up to €200,000 and a chance at an additional €15,000 prize for winning the “Audience Favorite Vote”
- A year-long mentorship with Tommy Hilfiger’s internal experts globally and access to Tommy Hilfiger’s network brand association
- A place on the INSEAD Social Entrepreneurship Program (ISEP)
- Year-long INSEAD mentorship
The Tommy Hilfiger Fashion Frontier Challenge application closes at midnight of 8th March, 2021.
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