Egypt-Based Boyot Secures Fresh Funding to Automate Real Estate Payments
Boyot, a business located in Egypt that provides an end-to-end operating system for payments and financial services focused solely on the real estate industry, has raised a six-figure pre-Seed round headed by a Kuwaiti real estate firm.
Boyot, founded in 2020 by Mahmoud El Sabongy (CEO), Khaled El Refaay (CTO), and Mohamed Sayed, allows real estate enterprises to digitize their complete payment processes, allowing them to trace the status of their customers’ payments from the time they are scheduled to settlement. Furthermore, businesses can use current application programming interfaces (APIs) to create and market financial solutions like buy now, pay later (BNPL).
“One of the major roadblocks to the expansion of small and medium-sized businesses (SMBs) operating in Egypt’s local real estate sector is poor cash flow management.” Approximately 85% of merchants do not get their receivables in the form of checks. Rather, they send out agents to conduct cash transactions or receive money via bank transfer. Cash collecting strategies that are irregular result in reduced margins. “As firms grow, the payment collection procedure becomes more convoluted and far from easy, leaving businesses with inconsistent gains,” ElSabongy explains.
In May, the company began commercial operations for the first time. It signed its first corporate client, edc, the real estate arm of Misr Insurance Company, not long after.
ElSabongy says the company wants to expand its client base, hire people from both the tech and business worlds, and invest in its product technology.
As digitisation continues to gain momentum among conventional sectors, the SaaS market has seen an uptick in recent years. SaaS startups raised a total of $176, 350,000 across 31 deals in the Middle East and North Africa area (Mena) last year, out of a total of $3 billion raised by businesses in Mena.
