The Egyptian digital economy is thriving as several start-ups are mushrooming all over the country.
Wasla, the e-commerce platform received a $9 million cash investment from Contact Financial Holding, Egypt’s non-bank consumer finance provider.
The company will use the cash injection to expand their online capabilities, products and regional expansion.
Hazem Moussa, chairman of the retail fancier, while speaking to TechCrunch he said “It’s an equity investment, through a series of investments that aim to grow the business going forward, to enable their business plan and their achievement of the company’s vision.”
Wasla co-founder and CEO El-Said quoted by Tumi, “In the checkout phase, we plan to introduce a very secure payment method…limited by time or value. And the final step is integrating financing or buy now, pay later solutions directly within that. It is an end-to-end e-commerce experience starting from search and discovery to financing,”
“We are working on extending what we have built-in terms of credit engines, AI scoring engines and a variety of tools…including instant approval, fast approvals and pre-approvals,” said Moussa.
“With the whole experience being on the Wasla browser, you have a lot more access to customer behaviour and customer interests and therefore be able to tailor the programs to the user base and so that is a big addition to the experience — from the start the journey to the payments to the financing,” he said.
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