June 24, 2024

Sahl Raises USD 6Mn Series A And Seed Funding Powered By Ayady

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Today, Sahl serves more than 12 million customers a month, through a diverse range of 50+ services, being the one-stop shop for utility payments in collaboration with government entities
Sahl-A Cairo Based Startup raises USD 6mln in Series A and seed funding led by Ayady. Sahl's strategic vision is to become the dominant player in facilitating digital payment transactions within Egypt'. Image Courtesy: Sahl

The Cairo-based startup, Sahl has raised $6 million in Series A and seed funding to act as a one-stop shop for household bills in collaboration with government entities. Ayady for Investment and Development,  a leading Egyptian investment firm with a robust track record in powering innovative startups, triggered the Series A round for joining existing investors Egypt Pay, Delta Electronic Systems, and E-Finance on the cap table.

Sahl raises USD$6mln in Series A and seed funding led by Ayady

Powered by the recent round of funding, Sahl is set to evolve into a comprehensive financial services provider. The firm is poised to leverage these funds to refine and develop the latest offerings, prioritizing a frictionless, time-saving, and secure user experience. According to Industry sources, post a successful regional launch in UAE, Sahl plans to expand its regional footprint further by establishing offices in KSA; boosting their position in Egypt and beyond.

From L To R – Abdullah Assal, Co-Founder & CEO, Ibrahim Assal, CTO (M) And Ahmed Othman, CPO At Assal

Abdullah Assal, CEO and Co-Founder at Sahl commented “At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services. Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.” 

Ibrahim Assal, CTO stated “We developed the world’s first mobile solution for charging utility meters using NFC technology.”

Ahmed Othman, CPO added “Sahl is our direct contribution to offer a world-class experience in terms of reliability & UX in a market that always compromised the end user.”

Hazem Kamel, Managing Director of NI Capital – Private Equity, Investment Manager of Ayady for Investment & Development

Hazem Kamel, Managing Director of NI Capital – Private Equity, Investment Manager of Ayady for Investment & Development stated “We are excited to announce our investment in Sahl. This strategic move reflects our firm belief in Sahl’s capacity to redefine the landscape of bill payments in Egypt, fostering greater financial accessibility and convenience for all.”

According to Industry sources, Sahl’s strategic vision is to become the dominant player in facilitating digital payment transactions within Egypt’s booming EGP 2.5 trillion digital payments sector. They aim to achieve this by capturing a significant portion of collections on behalf of utility companies, a segment representing a sizeable EGP 250 billion annually. Industry sources also affirmed that to solidify its leadership position, Sahl plans to forge strategic partnerships that unlock new distribution channels, collaborative technology ventures, and co-marketing opportunities.

Notably, Sahl is one of the few Egyptian companies directly integrating with several government entities. This allows users to conveniently access services from the Egyptian Electricity Holding Co. (EEHC), New Urban Communities Authority (NUCA) for water, all telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas, Cable Network Egypt for TV subscriptions, and many more.

Industry sources further confirmed that Sahl’s founders boast a proven track record of disrupting the financial services and payments landscape in Egypt. Each member brings a unique skillset critical to their ambitious vision. Abdullah Assal, leveraging his experience as VP at Globaltronics, a dominant player in Egypt’s utility meter market, brings deep industry knowledge. Ahmed Othman, Sahl’s CPO, honed his financial and strategic expertise as an investment banker at CI Capital. Rounding out the team is Ibrahim Assal, whose experience at tech giants like Palantir, Careem (an Uber company), and Microsoft strengthens Sahl’s technological capabilities. This combined expertise positions the Sahl team to revolutionize digital payments, particularly within the utilities sector.

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