Egyptian Phone Handler App Raseedi Raises $850,000 Pre-Series A Round

Racking up ten million visits per month on its phone handler app, Egyptian startup Raseedi reached a new milestone with the closing of a $850,000 pre-series A round led by European investor Samurai incubate with participation from its existing portfolio of investors, including 500 Global, EFG-EV and Falak Startups.

The live Android app targets Egypt’s 40 million dual mobile SIM users, offering an automatic dialer that chooses the cheapest SIM for calls, thereby optimising their monthly telecom expenses. Raseedi is onboarding millions of underbanked masses, riding the momentous fintech boom in Egypt.

“We’ve always been a super lean tech startup, we only spend on people and tech, never on assets or operations. That’s why our goal is to create this daily product that relies completely on technology with zero dependency on any onground operation,” Samuel Samy, Raseedi’s co-founder, COO and head of product says. “From communication to payments to receiving instant advance credit, everything is done through an app. It’s been going great for us with 13,000 reviews of 4.3 stars on the playstore, yet the bigger challenge comes with our next scaling milestone, 100 million monthly visits from 1 million monthly active users.”

Led by three seasoned experts in the industry, Raseedi is driven to resolve the pain points of services relating to telcos, averaging 120 visits a month for the normal user and more than 1,000 visits per month for the top users. Through organic app communication and upselling, payments grew five times in volume in one month, while 5000 advance credit balances were fulfilled in only a few months.