Flash, an Egyptian startup offering cashless transactions to businesses via QR Codes, has closed a $6 million seed funding round.
Led by Addition with participation from Flourish Ventures and business angels, the capital injection will be used to accelerate the startup's product development and customer & business acquisition in Egypt.
Founded by Uber alumni Erik Gordon and Sherine Kabesh in 2021, Flash has also obtained approval from the Central Bank of Egypt in partnership with Banque Misr to operate as a technical payment aggregator.
Flash's payments application allows consumers to make a purchase with their phones by adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on-delivery.
The vendor is eyeing opportunities in the package delivery market with 'Flash on Delivery', offering businesses the opportunity to take payments upon receipt of goods at the doorstep. According to Mordor Intelligence, around 80% of goods purchased online in Egypt are paid cash-on-delivery. Flash on Delivery business customers currently include, Homzmart, Rabbit Mart, and Mori Sushi.
Says Flash co-founder Gordon: "Our mobile application removes transactional challenges for businesses looking for an easier solution than the POS. Our goal is to make payments easier, safer and faster for everyone."