Egyptian fintech company Sahl has announced the raise of USD 6 million in Series A funding round in order to accelerate its expansion in Saudi Arabia. Following this announcement, Sahl will leverage the investment in order to further accelerate its expansion in the region of Saudi Arabia, following its launch in the United Arab Emirates.

In addition, the firm will continue to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement The Cairo-based fintech Sahl is expected to use the capital boost for its mobile bill payment platform as well. The USD 6 million Series A funding round was led by Ayady for Investment and Development.

At the same time, the company is set to continue to offer clients a streamlined one-stop shop for household bills and invoices, as well as coordination with government entities in order to allow individuals to pay for over 50 solutions. This will include electricity, gas, water, and mobile utilising NFC-enabled prepaid cards. In addition, as part of its offerings and suite of solutions, Sahl also launched B2B products and delivers utility services to other companies as well.

The latest round of investment is expected to allow Sahl to further develop into a comprehensive and secure financial services provider, as well as give it the possibility to accelerate its expansion into Saudi Arabia. Sahl also aims to deliver frictionless methods of payments and transactions for clients and users, saving them and utility providers alike time, funds, and money. As the utility market in Egypt and wider regions remain underserved by technology, with several sectors still relying on old-generation meters and payment systems, the company will focus on the development and digitalisation of the local financial landscape as well.

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