Egyptian fintech Raseedi raises $850k in pre-Series A round

The Cairo-based fintech, founded in 2018, helps dual SIM smartphone users in Egypt to optimize their telecom spending

  
Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

REUTERS/Mohamed Abd El Ghany
RIYADH: Raseedi has secured $850,000 in a pre-Series A round from the Japanese venture capital firm Samurai Incubate and an European investor, Wamda reported.

The Cairo-based fintech, founded in 2018, helps dual SIM smartphone users in Egypt to optimize their telecom spending through its mobile app.

“We’ve always been a super lean tech startup. We only spend on people and tech, never on assets or operations. Our goal is to create this daily product that relies completely on technology with zero dependency on any on-ground operation,” Raseedi’s co-founder and Chief Operations Officer Samuel Samy said.

“It’s been going great for us with 13,000 reviews of 4.3 stars on the Google Play store, yet the bigger challenge comes with our next scaling milestone, 100 million monthly visits from 1m monthly active users,” he added.

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