Egyptian Business Sahl Secures $6 Million to Innovate Utility Bill Payments
Sahl, a mobile bill payment application based in Cairo, has successfully secured $6 million in Series A and seed funding. The investment round was led by Ayady for Investment and Development, with participation from Egypt Pay, Delta Electronic Systems, E-Finance, and Algebra Ventures.
Sahl's mission is to address challenges in utility payments for essential services such as electricity, water, gas, telecom, and more. The startup aims to transform into a comprehensive financial services provider, broadening its audience with the introduction of B2B products.
Abdullah Assal, Sahl's CEO, expressed his enthusiasm about the investment, stating, "Our innovative use of Near Field Communication (NFC) technology eliminates the need for consumers to leave their homes to charge prepaid cards." This technology will be a key feature of the platform, allowing users to recharge prepaid cards using NFC technology.
The platform currently offers utility services and payment acceptance to other companies, enabling users to pay monthly invoices for over 50 services through the Sahl platform. In addition, the platform will partner with government entities to achieve its goal of becoming a domestic bill management platform.
With the new funds, Sahl plans to refine and develop new offerings, as well as establish offices in Saudi Arabia following a successful regional launch in the UAE. The startup's regional presence will fortify its position in Egypt and beyond, positioning Sahl as a leader in the mobile payment industry.
Sahl prioritizes providing a frictionless, time-saving, and secure user experience. The company's focus on innovation and user-centric design is expected to drive its growth and success in the coming years.
