Pre-seed rounding participation by CreditFin was being led by other capital firms like Flat6Labs, TA Telecom Holdings, AUC Angels, and other technical and investment-savvy strategic angel investors. Pre-seed rounding isn’t a new thing for companies and startups; CreditFin recently joined the league of companies to participate in it. Reports reaching confirms the amount to be undisclosed.
CreditFin is Egypt’s first debt manager and financial wellness software that helps you save and manage, founded in 2020 by Sherif Radi, Gamal Eldin Sadek, and Norhan El Sakkout. It lets customers track and settle credit card debt in reduced monthly installments, saving up to 20-50 percent interest. Their goal is to provide financial freedom to its customers, with total outstanding credit card debt in Egypt exceeding $2 billion as of 2019. CreditFins recognizes that sliding into a vicious debt cycle is caused by a lack of information and awareness, a gap that the firm aims to bridge. With the use of their customer-centric approach, Sherif Radi; Co-founder and Chief Executive Officer (CEO), had this to say:
“Credit card debt is a moving target that’s hard to settle. At CreditFins, we work with our customers to settle the debt they have in a faster and cheaper way, along with providing them with financial information and empowering them with the right tools to be financially liberated.”
For related contents, click here:
Having a founding team with vast experience in product development and innovation is at the heart of their business which has attracted investors. The Managing Director of Flat6Labs Cairo Seed Programme, Albert Malaty commented:
“CreditFins has developed a cutting-edge financial technology solution to alleviate bank customers’ financial struggles, kicking off in Egypt and expanding to new markets. Add to that their solid founding team who continue to grow their business, is a sure recipe for success. Flat6labs is proud to be part of their success journey.”
As part of its effort to make its credit card management platform more appealing to a broader user base, CreditFins is planning to introduce the “CreditFins Alpha” card, which will add new functionality to the service. “CreditFins stood out among their cohort because of clear strength in the team,” Mariam Kamal, Manager of AUC Angels, concluded. Investors were impressed by their diversity of experience and resourcefulness in addressing the challenge they had identified. We’re excited to see how they grow and pivot in their objective to empower their user base through enhanced technology.