Egypt’s journey towards financial inclusion gains momentum as digital wallets gain popularity, yet cash remains prevalent in payment habits. To accelerate digital payment, the Central Bank of Egypt advocates for contactless payments as an effective way to enhance financial inclusion.
In response to this opportunity, Flash, an Egyptian cashless payments startup, is set to transform the payment landscape with innovative solutions for consumers and businesses. With a recent $6 million seed funding round led by Addition, the venture capital firm founded by former Tiger Global executive Lee Fixel, Flash aims to expedite product development and expand its customer base.
Launched in 2021 by former Uber executives Erik Gordon and Sherine Kabesh, Flash introduces a seamless purchasing method. Users effortlessly link their bank cards and digital wallets to the platform, then complete transactions by scanning a QR code provided by the merchant, be it for delivery or in-store. This user-friendly approach bypasses the need for complex point-of-sale systems, ensuring faster and more convenient transactions for all parties involved.
Having secured regulatory approval from the Central Bank of Egypt, Flash cements its position as a technical payment aggregator, forming a promising alliance with Banque Misr to shape the future of contactless payments in Egypt. The journey towards a cashless society is now set to reach new heights with Flash leading the way.