Egyptian fintech company Sahl has secured $6 million in Series A and seed funding to focus on household bill payments in collaboration with government agencies. Led by Ayady for Investment and Development, with participation from existing investors, Sahl plans to expand services, aiming to become a full-service financial provider.
The company intends to strengthen its presence in Egypt, following its launch in the UAE, and aims to be a key player in Egypt’s digital payments sector through strategic alliances and new distribution channels.
Assal highlighted that Sahl is dedicated to solving consumer challenges related to utility payments, starting with electricity and expanding to water, gas, telecom, and other essential services. He noted the startup’s innovative use of NFC technology, which allows consumers to charge prepaid cards from home, saving time and effort.
Additionally, Sahl has expanded its services beyond direct-to-consumer (B2C) capabilities to include business-to-business (B2B) through two product lines: the Services Gateway and the Acceptance solution. The Services Gateway acts as a central hub for bill payment services from various processors, digital applications, and businesses, fostering a more interconnected financial ecosystem. The Acceptance solution enables businesses to accept online payments seamlessly, further streamlining financial transactions.
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