A Milestone Achievement

Egyptian lending startup Qardy has announced the successful closure of a significant seven-figure US dollar pre-seed funding round. This financial boost aims to support the company’s ambitious expansion plans.

Streamlining the Lending Process

Established in July 2022, Qardy is dedicated to facilitating loans for micro, small, and medium enterprises (MSMEs). Founder Abdel Aziz Abdel Nabi envisions Qardy as the “Amazon of lending,” aiming to drastically reduce the waiting time for loan approvals from nine months to approximately 18 days.

Reducing Loan Approval Time

“The current lending process is manual, heavily reliant on personal connections, and time-consuming, making it challenging for MSMEs,” Abdel Nabi explained to Disrupt Africa in July 2023. Qardy’s innovative platform seeks to streamline this process, making it more accessible and efficient for businesses.

Building Trust and Credibility

Since its inception, Qardy has emerged as a trusted partner for MSMEs and financial institutions, boasting over 1,000 corporate clients. The platform has successfully facilitated loan transactions exceeding EGP 550 million (US$12 million).

Funding Details: A Boost from Key Investors

Qardy’s impressive pre-seed funding round saw contributions from notable investors, including 500 Global, White Field Ventures, and Vastly Valuable Ventures, alongside various angel investors.

Enhancing Services and Regional Expansion

“We are thrilled to have reached this significant milestone in our journey,” stated Tamer El-Manasterly, COO of Qardy. “The support and trust of our investors have been instrumental in driving our growth and enabling us to expand our reach and impact in the market. This investment will allow us to further enhance our services and accelerate our plans for expansion in Saudi Arabia and the region.”

Backing Qardy’s Mission

500 Global expressed strong support for Qardy’s mission to democratize access to financial services. “We are excited to support Qardy in their journey towards empowering businesses with accessible and efficient financial solutions. We are confident in their ability to drive positive change in the fintech sector,” said Amal Dokhan, managing partner at 500 Global.

A Promising Future

With this substantial pre-seed funding, Qardy is well-positioned to enhance its services and pursue its expansion goals. The startup’s innovative approach and strong investor backing underscore its potential to transform the lending landscape for MSMEs in the region.