The Cairo-based fintech company Sahl secured $6 million in Series A and seed funding rounds, with Ayady for Investment and Development leading the investment.
The company, founded in 2020 by Ahmed Othman, Ibrahim Assal, and Abdullah Assal, operates as a bill payment platform enabling users to recharge prepaid cards. Sahl has gained prominence in the Egyptian fintech industry, serving over 12 million customers monthly and 15 million households in Egypt.
The platform offers a range of bill payment services for consumers, covering utilities like electricity, water, and gas, as well as telecommunications top-ups, tuition fees, television subscriptions, and donations. Users can save approximately 30 minutes on each transaction through the app, which handles transactions of billions of Egyptian pounds across 50+ services.
Sahl aims to address consumer challenges in utility payments, beginning with electricity and extending to water, gas, telecommunications, and other essential services. By leveraging NFC technology, Sahl eliminates the need for users to physically recharge prepaid cards, saving time and effort.
The company plans to use the funds to enhance existing services, expand regionally by establishing offices in the KSA, and strengthen its presence in Egypt and beyond. In the rapidly growing EGP 2.5 trillion digital payments sector in Egypt, Sahl aims to dominate digital payment transactions. The company targets a significant share of collections on behalf of utility companies, amounting to approximately EGP 250 billion annually.
Sahl intends to solidify its leading position through strategic partnerships that facilitate new distribution channels, collaborative technology ventures, and co-marketing opportunities. Sahl is among the few Egyptian companies that directly integrate with various government entities, offering users convenient access to services from organizations like the Egyptian Electricity Holding Co., the New Urban Communities Authority for water, major telecom operators, gas providers, TV subscription services, and more.
With an eye on expansion, Sahl has extended its reach beyond consumer-focused functionalities to cater to the business-to-business sector through two product lines. The Services Gateway acts as a central hub, aggregating bill payment services for payment processors, digital applications, and enterprises. The Acceptance solution enables businesses to accept online payments seamlessly, enhancing financial transactions.
The company’s founders bring a wealth of experience, with Abdullah Assal leveraging his VP background at Globaltronics, Ahmed Othman’s financial expertise from CI Capital, and Ibrahim Assal’s tech know-how from companies like Palantir, Careem, and Microsoft. This diverse expertise positions the Sahl team to revolutionize digital payments, particularly within the utilities sector.
