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Cairo-based FinTech and digital fees management platform KlickIt has successfully raised its first funds backed by EFG Finance and Camel Ventures, the venture capital arm of dfin Holding.
Founded in 2017 under the name of Q-Less, KlickIt is an Egyptian payment management and digital collection platform driven by a plug-and-play ethic. KlickIt acts as a digital payments transformation partner to public and private educational entities in Egypt and globally, including education ministries, through its integrated systems that digitize and facilitate end-to-end payment processes.
As recorded in our Q3 2021 EVM FinTech Venture Investment Report, Egypt-based FinTech startups observed a 540% YoY growth in funding to rank as the second most-funded geography in MENA. By Q3 2021, Egypt accounted for more than 20% of all capital deployed in FinTech, and 23% of all FinTech transactions in MENA were closed by Egypt-based startups. Some of the most successfully funded FinTech ventures in Egypt have been capitalizing on the untapped payment-solution potential for traditional and digital sectors in Egypt, including the top 2 funding rounds raised by payment solutions providers Capiter and PayMob.
KlickIt is currently serving more than 55,000 Egyptian public schools, with over 25 million students, under the Ministry of Education. This is in addition to a private entities’ portfolio of 230 educational entities of different sizes.“We’re very proud to be backed by substantial entities like EFG Finance and dfin’s Camel Ventures, and we thank our investors for their continued support and trust in us,” said Saeed Talaat, Co-founder and CEO of KlickIt. “With this investment round, we look forward to solidifying our tech stack and scaling our services. Our partnerships over the last year with GEMS, Banque Misr, and most recently the Egyptian Ministry of Education, have been essential to our growth, and we plan on leveraging these experiences to spearhead the next chapter in our journey.”
To date, KlickIt has processed EGP 500+ million in different kinds of payment transactions for educational entities since its inception in 2017, and is backed by partnerships with prominent market leaders, such as Banque Misr and e-finance, with several others in the company’s pipeline. Commenting on this market-validating investment Walid Hassouna, CEO at EFG Finance highlighted “We’re proud to be investing in KlickIt and backing its team. They have been proving their determination, grit, and ability to overcome challenges and to crack a highly lucrative market. We believe the future of availing financing through valU on Klickit will provide superb and accessible services to their customer base and help catalyze the growth of the company.”
The Egypt-based FinTech will channel its newly acquired funds to build and enhance its Tech stack, as well as to build and deploy value-added features to cross-sell new services for the company’s large network of schools and universities as well as their rapidly growing customer base. Shehab Marzban, CEO of Digital Finance (dfin) Holding the sponsor of Camel Ventures concluded “as strong advocates of Klickit and their impressive team, we committed to investing through Camel Ventures and its’ partners, with the focus to leverage our portfolio and network in creating value and synergies for Klickit supporting them to lead the digital transformation and financing space of the education sector.”
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