Egypt’s Qardy Secures Seven-Figure Pre-Seed Investment

by | Aug 7, 2024 | Startups News | 0 comments

Egypt-based fintech Qardy has secured a seven-figure pre-seed round of investment. Notably, White Field Ventures, Vastly Valuable Ventures, and several angel investors participated. This funding highlights the strong confidence in Qardy’s innovative approach and its growth potential.

Qardy :Innovative Digital Lending Platform

Founded in 2022 by Abdelaziz Abdel Nabi, Asser Yehia, and Tamer El-Manasterly, Qardy is transforming digital lending in Egypt and the MENA region. Specifically, it is the first digital lending marketplace dedicated to micro, small, and medium-sized enterprises (MSMEs). Consequently, Qardy provides essential financing solutions that help MSMEs scale and grow.

Expanding Qardy Platform Capabilities

Moreover, the new investment will significantly enhance Qardy’s platform and enable service expansion across the MENA region. Since its soft launch in late 2022, Qardy has made substantial progress. For instance, it has attracted over 1,000 corporate clients and executed loan transactions exceeding 550 million Egyptian pounds (about $12 million). Therefore, Qardy is making a significant impact.

Tailored Financial Solutions for MSMEs

Qardy’s technology offers a range of tailored financial programs. These programs support MSMEs with their working capital and expansion needs. By connecting businesses with a broad network of financial institutions—including banks, leasing companies, factoring firms, and microfinance organizations—Qardy effectively facilitates essential funding.

Investor Support and Future Plans

Tamer El-Manasterly, COO of Qardy, expressed excitement about this milestone: “We are thrilled to reach this point. The support from our investors has been crucial. As a result, this investment will allow us to enhance our services and expand in Saudi Arabia and the region.”

Backing from 500 Global and White Field Ventures

500 Global has also expressed strong support for Qardy’s mission. Amal Dokhan, Managing Partner at 500 Global, commented, “We are excited to support Qardy. Their work empowers businesses with accessible financial solutions. Indeed, we believe in their potential to drive positive change.”

Similarly, White Field Ventures has shown enthusiasm. Kapil Agrawal, Managing Director, stated, “We are pleased to support Qardy’s vision. Their execution capabilities and commitment to customer solutions align perfectly with our investment goals. Consequently, we look forward to their expansion into Saudi Arabia and beyond.”

Reputation for Excellence

With a strong focus on transparency and efficiency, Qardy has quickly built a reputation for excellence in financial services. As the company continues to innovate and expand, it remains dedicated to revolutionizing financial service delivery and driving MSME growth across the MENA region.

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