Flend, an Egyptian fintech company, has secured $3 million in seed funding to expand its digital lending operations for small and medium-sized enterprises (SMEs) in Egypt. This funding, comprising both equity and debt, was led by Egypt Ventures and included contributions from Camel Ventures, Sukna Ventures, Plus VC, and Banque Misr, along with support from regional family offices like El Sewedy and Baalbaki.
Flend addresses the estimated $50 billion SME financing gap in Egypt by offering:
- Fully Digital Lending Platform: Licensed as a Digital Non-Banking Financial Institution (Digital NBFI) by the Financial Regulatory Authority (FRA), Flend provides a completely online lending experience, from onboarding to repayment.
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Embedded Finance Model: Flend integrates with over 20 supply chain platforms across sectors such as agri-food and e-commerce, enabling seamless access to loans for SMEs.
How the funding will be used: With the new capital, Flend plans to expand its team, strengthen partnerships, enhance its technology infrastructure, and provide approximately EGP 1 billion (about $21 million) in loans to SMEs over the next year.
