Egypt’s startup Flend has successfully raised $3 million in seed funding to enhance lending to small and medium enterprises (SMEs) in the country. This funding aims to address the significant $50 billion financing gap that Egyptian SMEs currently face.
With the newly acquired funds, Flend plans to distribute EGP 1 billion in working capital loans over the next year to support local businesses. This is particularly crucial as many SMEs struggle to access adequate financial resources, which limits their growth potential and economic contributions.
Flend’s Innovative Approach
Flend combines technology and data-driven lending to facilitate easier access to credit for SMEs often overlooked by traditional banks. The company’s leadership believes this investment will:
- Accelerate SME growth
- Stimulate job creation
- Contribute to Egypt’s economic diversification efforts
Investors have expressed confidence in Flend’s innovative model and its potential to transform the SME financing landscape in Egypt.
Impact on Egypt’s Fintech Ecosystem
By focusing on digital solutions, Flend is positioning itself as a key player in Egypt’s fintech ecosystem. The platform’s work is essential in empowering entrepreneurs and strengthening the private sector, thereby driving broader economic development in the country.
Stay tuned to Questiqa World News for the latest updates on this and other developments.
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