ArabFinance: FinTech and digital fees management company, Klickit, has secured its first round of funding, the company said in an emailed statement.
The investment round was led by EFG Finance and Camel Ventures, the venture capital arm of DFin Holding.
The main purpose of the investment is to build and enhance KlickIt’s tech stack, and to build and deploy value added services to cross-sell new services for the company’s large network of schools and universities as well as their rapidly growing customer base.
“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,” Walid Hassouna, CEO at EFG Finance, commented on the round.
“As strong advocates of Klickit and their impressive team, we committed to invest 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,” Shehab Marzban, CEO of DFin, added.
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.
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.
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