Cassbana, the Egypt-based startup that uses AI to run a behavior-based credit scoring system, has raised a $1M Pre-Seed funding round, led by Disruptech. Other Fintech funds and angel investors participated in the round.
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Cassbana relies on machine learning and artificial intelligence to offer financial identities for the underserved and unbanked in the Egyptian market.
The technology and data, sourced through its Android app, offer financial institutions and companies the opportunity to create innovative lending and financial support solutions by analyzing the behavior patterns of their customers.
Haitham Nassar, Founder and CEO of Cassbana commented, “Our goal is to create financial identities for the underserved and unbanked who cannot receive financing options from their suppliers and service providers to scale their small shadow businesses or to pass through a difficult time in their business journey. Instead of them being assumed to be a high default risk, our financial identities offer them a chance to receive different financing options with a low risk of default.”
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The company launched its services on a trial basis in June of last year, with one service provider in Cairo, and now has more than 20 service providers in Cairo, the Nile Delta, and other cities, with plans to expand to Upper Egypt this month. Haitham pointed out that they are aspiring to reach everywhere in Egypt and to succeed in creating financial identities for one million customers before the end of 2021.
Mohamed Okasha, Head of the Disruptech Fund said, “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.
“We have seen Cassbana’s teamwork ethic first-hand and their growth over the past 6 months has been massive. Disruptech admires their strategic vision both locally and internationally and this is why we chose to lead the company’s first investment round.”
Cassbana will use the funds to grow the business and expand its operations in the local market, as well as its strategic vision regionally and globally.
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