Raseedi, an Egyptian fintech startup, has raised $850k in pre-Series A funding

Raseedi, an Egyptian fintech startup that helps users make cheaper calls, pay less, and get advance credit, has raised a pre-Series A funding round of $850,000 to help it build on its impressive early traction.

Raseedi is a multi-purpose fintech app that helps anyone in its community communicate cheaper, pay less, and pay later for various services. It has over 10 million monthly visits and calls made through its dialer app.

The startup has now announced a pre-Series A round of US$850,000 led by Samurai Incubate and a European investor, with participation from existing investors 500 Startups, EFG-EV, and Falak Startups. Raseedi will benefit from the funds as he expands his business.

“Since our inception, we have focused on the masses, providing them with a better way to communicate at a lower cost.” So, once an app becomes a user’s daily trusted dialer, it becomes so much more – the network or circle they trust for connecting to their community of contacts, friends, and family,” said Ahmed Atalla, co-founder and CEO of Raseedi.

“Users are now calling cheaper, paying telecoms and utility bills, and taking advance telecom credit, but imagine if later people could communicate for free within this community, pay peers and contacts, borrow from peers, or even be guaranteed to receive cash loans by members of their community.” “Perhaps sooner rather than later; stay tuned.”