Egyptian startup Flend, which helps small and medium businesses get funding, has raised $3 million in a seed funding round.
The money includes both equity and debt and will be used to grow its digital finance services and reach more customers.
The funding round was led by Egypt Ventures, with other investors like Camel Ventures, Sukna Ventures, Plus VC, Banque Misr, and regional family offices such as Al Suwaidi and Baalbeki also joining.
On the debt side, Flend received financial support from the Small and Medium Enterprises Development Authority (MSMEDA) and local banks to help grow its business.
Flend will use the money to hire more people and improve its technology systems.
It also plans to work with more digital platforms that support key industries like healthcare, farming, food, manufacturing, e-commerce, retail, and exports.
Flend is a fully licensed digital platform, approved by the Financial Supervisory Authority. It works as a non-bank lender, which means it can give out loans online using digital contracts that are signed electronically.
The company works closely with digital platforms that handle small business supply chains.
This helps businesses get financing more easily, lowers the costs to get loans, and uses better data to make smarter credit decisions.
Read more- ApClub Raises INR 2 Crore in First Funding Round Led by Curefit
