Sahl Secures $6 Million to Expand Digital Payment Services and Enhance Financial Inclusion

Egyptian startup “Sahl” has successfully raised $6 million in seed and Series A funding rounds, led by Ayadi Investment and Development. This funding aims to bolster Sahl’s position as a comprehensive provider of utility bill payment services in collaboration with governmental entities and institutions. With this funding, Ayadi has joined the existing shareholders, including Egypt Payments, Delta Electronic Systems, and E-Finance for Financial and Digital Investments.

Sahl’s Services in the Egyptian Market

Currently, Sahl serves over 12 million monthly customers by offering more than 50 diverse services, making it one of the leading mobile applications for utility bill payments in collaboration with government entities. Following the recent funding round, Sahl aims to become a comprehensive financial services provider, utilizing the funds to develop and improve its services with a focus on delivering a seamless and secure user experience that saves time and effort.

Regional and International Expansion

After the successful regional launch in the United Arab Emirates, Sahl plans to expand its regional presence by opening offices in Saudi Arabia and strengthening its position in Egypt and beyond. Sahl aims to become a key player in facilitating digital payment transactions within the digital payments sector, which is valued at EGP 2.5 trillion in Egypt.

Strategic Partnerships

Sahl seeks to achieve its leading position by establishing strategic partnerships to open new distribution channels, develop collaborative technical projects, and exploit joint marketing opportunities. Additionally, Sahl plans to capture a significant share of the utility services payment sector, which represents EGP 250 billion annually.

Technological Innovation

Abdullah Asal, CEO of Sahl, stated, “We are committed to providing the highest quality service to our customers and addressing all challenges they face in paying for prepaid utility services, starting with electricity, water, natural gas, telecommunications, and other essential services.” He added, “Our innovative use of NFC technology in mobile devices eliminates the need for consumers to leave their homes to recharge prepaid cards, saving valuable time and effort.”

Development of Electronic Payment Services

Sahl strives to deliver a global experience in terms of reliability and user experience in a market that continually seeks to improve the end-user experience. Sahl integrates directly with many governmental and private entities, enabling users to easily access services from the Egyptian Electricity Holding Company (EEHC), the New Urban Communities Authority (NUCA), all telecommunications companies (Vodafone, WE, Orange, and Etisalat), Petrotrade Gas Company, the Egyptian Satellite Channels Company, and many other services.

Supporting Financial Inclusion

Sahl has strategically expanded its reach beyond direct-to-consumer services by meeting the needs of the business sector. Sahl offers a payment services gateway that acts as a central hub, enabling bill payment services for other payment service providers and digital applications, thereby contributing to the creation and enhancement of financial inclusion. Sahl has also launched an electronic payment acceptance service, enabling various companies to easily accept online payments, further facilitating financial transactions.

Investors’ Vision

Hazem Kamel, CEO of Direct Investment at NI Capital and Investment Director at Ayadi Investment and Development, said, “This strategic step reflects our firm belief in Sahl’s ability to redefine the digital and electronic payment services landscape in Egypt, contributing to the desired financial inclusion.” Ibrahim Asal, CTO, added, “We have developed the world’s first mobile application for charging smart meters using NFC technology.”

Sahl is diligently working to strengthen its market position and meet customer needs through innovation, expansion, and strategic partnerships, making it a leading company in the digital payments sector in the region.