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Egyptian Fintech Flick Sets Sights on GCC After Raising $1 Million Pre-Seed Funding

The peer-to-peer money transfer app also intends to develop the user experience and add new features.

A specialist in digitised end-to-end money transfers, Egypt’s Flick has announced a successful Pre-Series funding round of $1 million. Conceived as a solution to the common pain points of money transfer, the peer-to-peer app allows users to directly transfer money between each other in an instant and intends to use the investment to penetrate the GCC, while also developing the user experience.

“Our initial focus was solely on studying the market well to identify the main problems and pain points, and then worked to solve it,” founder and CEO, Ahmad Zalat, said. “I now intend to focus on the quality of the customer's journey. In the future, we are looking to cooperate with the Saudi and UAE government, PayTabs Gateway, as well as several banks in Egypt, UAE, and KSA."

According to Magnitt, plans for GCC will be quick and aggressive, while Zalat and co. also intend to add new features to the app, expand the team. The ultimate goal, however, is to one day fully digitise international money transfer as part of a growing inclusivity and availability of fintech solutions.

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