The funding is set to put the AI-powered, behaviour-based money-lending app on a path to achieving its lofty goals in 2021.
Despite launching as recently as June 2020, Egyptian micro-lending app, Cassbana has big plans for 2021 and intends to onboard 1 million users by the end of the year. For a market that is still largely unbanked and/or lacks access to digital financial services, this will be no easy task, but it’ll be one made a little more achievable following news that the startup has raised over $1 million.
The source of the investment holds its own significance, coming from fintech-focused fund, Disruptech, which was founded last year by co-founder and former CEO of Fawry, Moahmed Okasha, alongside industry veteran, Malek Sultan.
As an app, Cassbana uses an AI-powered, behavior-based credit scoring system through which individuals and businesses can use to access credit. How the investment will be utilised has not been revealed by founder, Haitham Nassar, though it comes at a critical time for the startup. Initially launched on a trial basis with one service provider in Cairo, the app now works with 20 across several cities and will look to expand into Upper Egypt this year.
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