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Raseedi Acquires Kashat, Unlocking Instant Cash Lending for Underbanked Egyptians

Raseedi Acquires Kashat, Unlocking Instant Cash Lending for Underbanked Egyptians
Image Source: Raseedi
  • With this acquisition, Raseedi introduces nano loans of up to 3,000 EGP for underbanked masses. 
  • This deal combines Raseedi’s unique credit scoring algorithm with Kashat’s FRA-regulated proficiency, expanding financial inclusion.
  • Raseedi’s growth strategy includes scaling this solution to reach Africa and Asia.

Raseedi, a fintech service provider that serves underbanked Egyptian masses, has recently acquired Kashat, a digital lending platform, and its subsidiary, Pharos Microfinance. This groundbreaking deal positions Raseedi as one of the only financial services providers that offers nano loans in Egypt, supporting over 40 million underbanked Egyptians through instant cash loans. 

An Innovative Strategy to Empower the Underserved

This milestone aligns with Raseedi’s mission, which focuses on supporting individuals with no prior credit history or fintech experience through financial support and seamless access to nano loans via Pharos Microfinance S.A.E. 

Users will be able to access and apply for loans using a fully digital eKYC process which allows them to receive their funds in a few minutes. Raseedi’s proprietary technology and behavior-based credit scoring algorithm, built over five years, made this smooth process possible. 

The loans are offered to facilitate business growth, support cash flow cycles, and help nano businesses and solo entrepreneurs. The lending process is simplified for users, and terms are up to three months, aligning with Raseedi’s vision to foster financial inclusion. 

A Significant Step Forward for Raseedi

CEO of Raseedi, Ahmed Atalla, sees this acquisition as a great step in their efforts to provide a holistic fintech solution. 

“Our strong credit scoring algorithm allows us to serve millions of underserved Egyptians, enabling them to access lending solutions seamlessly,” he commented. 

Karim Nour, Co-founder of Kashat, also emphasized the importance of this collaboration and stated: “Raseedi and Kashat will jointly create a center of excellence in financial services and AI innovation..”

With a fully digital solution and great success in Egypt, Raseedi plans to enhance financial accessibility by expanding its services into other markets across Africa and Asia.

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