Flash, Egypt’s new cashless payment app that provides cashless payment solutions for consumers and businesses through a scan and pay service.
The 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.
Businesses can accept payments directly from consumers without the need for point-of-sale (POS) systems or technical integration. Flash was founded by Uber alumni Erik Gordon and Sherine Kabesh in 2021.
According to Mordor Intelligence, around 80% of goods purchased online in Egypt are paid cash-on-delivery. Amongst other factors driving this, consumers prefer to receive the product before paying; however many businesses do not provide a POS option on delivery.
Erik Gordon, Founder & CEO of Flash, expresses his enthusiasm about the launch of the app, “As a team, we are excited and proud to be launching a new contactless payment method in Egypt. 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. We are also excited to be releasing new features to help consumers make better spending decisions. We are humbled by this seed investment, which will enable us to invest in our product, business & customer acquisition, and utilize the valuable insights of our experienced investment partners to advance the economy of Egypt.”
Flash empowers the country’s population to seamlessly conduct transactions by transitioning from cash to digital.
Backed by the approval of the Central Bank of Egypt, Flash customers can safely and easily make payments to businesses on the growing list of businesses within the app’s network.
Businesses can accept payments directly from app users without the need for point-of-sale (POS) systems or technical integrations. This is all in alignment with the Central Bank of Egypt’s financial inclusion strategy (2022-2025).
The app also completed a $6 million seed round led by Addition with participation from Flourish Ventures and other strategic angel investors.
Moreover, the app also completed a $6 million seed round led by Addition with participation from Flourish Ventures and other strategic angel investors. The funding will be used to accelerate the startup’s product development and customer & business acquisition in Egypt.
The team that has built a robust network of key ecosystem participants, stakeholders, and renowned global investors. As part of its growth strategy.
Flash is seeking to expand strategic roles in Engineering and Product teams. You can also explore exciting employment opportunities with Flash.
