Egyptian Cashless Payments App Flash Raises $6 Million

Egyptian cashless payments app, Flash, has successfully raised $6 million in a funding round led by Addition, with participation from Flourish Ventures and several strategic angel investors. The fresh capital injection will be utilized to bolster the company’s product development efforts and expand its customer base in Egypt.

Additionally, Flash has secured approval from the Central Bank of Egypt to operate as a payment technology service provider in collaboration with Banque Misr. This regulatory clearance is a significant milestone for the app, enabling it to offer seamless payment services to its users while complying with industry regulations.

The app was established in 2021 by two former Uber employees, Eric Jordan and Sherine Kabsh. With Flash, consumers can easily make purchases using their mobile phones by linking any bank card or digital wallet to the application. Transactions can be completed by scanning QR codes provided by various businesses or stores or upon delivery, making it a convenient and efficient solution for both customers and merchants.

Flash eliminates the need for traditional point-of-sale (POS) systems or complex technical integrations, allowing businesses to directly accept payments from customers through the app. This streamlined approach has garnered positive feedback from users and merchants alike, further solidifying Flash’s position as a game-changer in the Egyptian payments landscape.

Eric Jordan, Founder and CEO of Flash, emphasized how the app is addressing common payment challenges faced by companies and offering a more user-friendly alternative to the conventional point-of-sale systems.

Andrew Miskiewicz from Addition expressed admiration for Flash’s efforts in simplifying transactions for consumers and businesses, praising its secure and user-friendly application.
Ameya Upadhyay of Flourish Ventures highlighted the company’s commitment to creating a fairer financial system and expressed delight in supporting Flash, particularly for being co-founded by a woman.

Sherine Kabesh, Co-Founder of Flash, expressed delight in obtaining the Central Bank of Egypt’s approval as a payment technology service provider in collaboration with Banque Misr. She underscored the company’s commitment to developing the cashless payments ecosystem, diversifying its digital payment portfolio, and expanding its reach to empower millions of small business owners, thereby driving growth and advancing Egypt’s digital economy.