In a significant development for Egypt’s fintech sector, Sahl, a Cairo-based startup, has secured $6 million in Series A and seed funding. The company, which aims to streamline household bill payments through a collaborative approach with government entities, received this financial boost from a consortium of investors.
Ayady for Investment and Development, a prominent Egyptian investment firm with a history of backing innovative startups, led the Series A round. They were joined by existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.
With the infusion of this capital, Sahl is set to evolve into a comprehensive financial services provider. The funds will be directed towards enhancing current offerings and developing new services, focusing on creating a seamless, time-saving, and secure user experience. Having already made a successful regional debut in the UAE, Sahl plans to extend its footprint by establishing offices in Saudi Arabia and further solidifying its presence in Egypt.
Sahl’s ambitions are clear: to become the leading facilitator of digital payment transactions in Egypt’s burgeoning EGP 2.5 trillion digital payments market and capture a significant share of utility companies’ EGP 250 billion annual collections. To achieve this, Sahl intends to forge strategic partnerships, open new distribution channels, and engage in collaborative technology ventures and co-marketing opportunities.
“At Sahl, we are dedicated to solving the challenges consumers face in utility payments, beginning with electricity and expanding to water, gas, telecom, and other essential services,” said Abdullah Assal, CEO. “Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”
Ahmed Othman, the company’s Chief Product Officer, added, “Sahl is our direct contribution to providing a world-class experience in terms of reliability and user experience in a market that has historically overlooked the end user.”
One of Sahl’s key differentiators is its direct integration with multiple government entities, allowing users to access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all major telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas, Cable Network Egypt for TV subscriptions, among others.
In addition to its direct-to-consumer (B2C) offerings, Sahl is making strides in the business-to-business (B2B) sector with two new product lines. The Services Gateway is a central hub, aggregating bill payment services for other payment processors, digital applications, and enterprises, fostering a more interconnected financial ecosystem. Meanwhile, the Acceptance solution enables businesses to seamlessly accept online payments, streamlining financial transactions.
“We are excited to announce our investment in Sahl. This strategic move reflects our firm belief in Sahl’s potential to redefine the landscape of bill payments in Egypt, fostering greater financial accessibility and convenience for all,” said Hazem Kamel, Managing Director of NI Capital—Private Equity and Investment Manager of Ayady for Investment & Development.
“We developed the world’s first mobile solution for charging utility meters using NFC technology,” added Ibrahim Assal, Sahl’s Chief Technology Officer.
Sahl’s leadership team boasts a wealth of experience in the financial services and payments sectors. CEO Abdullah Assal brings deep industry knowledge from his tenure as VP at Globaltronics, a leading player in Egypt’s utility meter market. CPO Ahmed Othman offers financial and strategic expertise from his background as an investment banker at CI Capital. CTO Ibrahim Assal, with experience at tech giants like Palantir, Careem (an Uber company), and Microsoft, strengthens Sahl’s technological capabilities. This combined expertise positions Sahl to revolutionize digital payments, particularly within the utilities sector.
Since its inception in 2020, Sahl has emerged as a major player in Egypt’s fintech landscape. The company now serves over 12 million customers monthly and 15 million households across Egypt. Through its app, users can access a suite of bill payment services, including essential utilities like electricity, water, and gas, as well as telecommunications top-ups, tuition fees, television subscriptions, and donations. Each transaction through Sahl saves users approximately 30 minutes, and the platform processes billions of Egyptian pounds through a diverse range of over 50 services.
