Cairo – Mubasher: Egypt-based fintech Raseedi has acquired Kashat in an equity deal to expand its product offerings and introduce instant loans, according to a press release.
The acquisition anchored Raseedi’s strategy to introduce underbanked masses who have no previous fintech experience or credit history through its unique daily stickiness approach.
By providing the masses with a dialler app to make cheaper calls, Raseedi users open the app at least 200 times monthly to make calls and slowly introduce them to online topup and bill payments.
Ahmed Atalla, CEO of Raseedi, commented: “We have built a strong credit scoring algorithm over the past years from billions of data points and daily behaviour analysis of over 1 million Raseedi app users.”
“With this great milestone, we can say those who have never been given a credit score can now be part of Egypt’s financial inclusion movement that has been on the top of the Egyptian government’s agenda,” Atalla mentioned.
Karim Nour, Co-Founder and CEO of Kashat, said: “This deal is important because the companies involved are true big data and artificial intelligence players and are both home-grown.”
The two parties will join forces to replicate their fully digital solution across Africa and Asia to serve underbanked masses in these regions.
Raseedi plans to seamlessly launch in several markets, securing relevant licenses and regulatory approvals from the Financial Regulatory Authority (FRA) and other government entities.
