Cairo – Mubasher: Contact Financial Holding, formerly Sarwa Capital, has invested $9 million in Egypt-based Wasla, an e-commerce super app offering an end-to-end solution.
Through a series of investments, Contact seeks to enable Wasla to extend its products, such as buy now pay later (BNPL), in emerging markets and regionally expand its portfolio, according to a recent press release.
Established by Serag Meneassy, Taymour Sabry, and Mahmoud El-Said in 2019, Wasla is the first emerging markets mobile web browser and desktop extension that enables clients to save and pay money online and have access to financing.
The Managing Director and Group CEO of Contact Financial, Said Zater, said: "This partnership comes as Contact continues to extend its credit services platform to serve digital channels."
Meanwhile, the CEO of Wasla, Mahmoud El-Said, commented: "This is why we believe this deep partnership, leveraging contacts market position, experience, and fully digitized loan origination process, will allow us to expand our offering catering to the online shopping experience by introducing completely new ways to help consumers save money on each online purchase, pay securely, build their credit profiles, and borrow flexibly."
