Flick, an Egyptian seamless peer-to-peer app that digitizes the cross-border end to end money transfer, has successfully raised $1M from an angel investor in a Pre-Seed funding round.
Flick aims to solve the pain points that are common in the traditional ways of international money transfer. Customers can transfer money using the Flick mobile app from anywhere and everywhere without any commuting needed for both the sender and the recipient.
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Egypt has been moving towards financial inclusion and pushing laws and regulations to go cashless. This directly affects people's behaviors by looking for new ways of transferring money and has provided Flick with a great opportunity to accelerate digital transformation. Similarly, the Egyptian government has been spreading awareness of and encouraging the use of "Meeza Card" - an Egyptian electronic payment systems provider for domestic transactions within Egypt, which Flick may use as a cashing out method in the future.
Founder and CEO of Flick, Ahmad Zalat commented, "Our team covers a great area of expertise, and we have a track record in planning, commercial and technical. We studied the market well for a year, and we received many funding offers from bodies and individuals, but our initial focus was solely on studying the market well to identify the main problems and pain points, and then worked to solve it. I now intend to focus on the quality of the customer's journey.
"In the future, we are looking to cooperate with the Saudi and UAE government, PayTabs Gateway, as well as several banks in Egypt, UAE, and KSA."
The startup shared with MAGNiTT that they plan to penetrate the $18.8B Gulf markets quickly and aggressively, including Saudi Arabia, UAE, Kuwait, and Jordan, and intend to add new features to the application during their first year due to the belief in a culture of continuous development.
Flick will use the new funds to invest in new hires, as well as marketing campaigns. The company hopes to digitize international money transfer and facilitate P2P money transfer in the MENA region, in order to make it more accessible for all.
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The Digitainment Industry saw a number of sizable investments over the last 5 years, a total of $235M invested across 98 deals from 2015 to 2019. Discover more trends and insights in our 2019 Digitainment Venture Investment Report.