Egypt's Qardy Partners with Waseela to Launch Digital Consumer Financing Product

Introduction

Qardy, an Egyptian online lending marketplace, has partnered with Waseela, a licensed consumer finance company, to introduce a new digital consumer financing product. This collaboration aims to simplify the process for individuals looking to finance home-finishing projects.

Expanding Beyond MSMEs: Qardy's New Consumer Finance Offering

Founded in July 2022, Qardy originally focused on facilitating loans for micro, small, and medium-sized enterprises (MSMEs). The startup's mission, as described by founder Abdel Aziz Abdel Nabi, is to become the “Amazon of lending.”

"Qardy aims to reduce the loan approval process from nine months to around 18 days," Abdel Nabi said in a Disrupt Africa interview in July 2023. The traditional lending process is highly manual, slow, and often reliant on personal connections, which makes it challenging for MSMEs to secure loans. Qardy’s platform solves this by streamlining the loan process.

Building a Trusted Platform for MSMEs

Since its launch, Qardy has gained the trust of both MSMEs and financial institutions. The platform now serves over 1,000 corporate clients and has facilitated more than EGP550 million (US$12 million) in loan transactions. This growth demonstrates Qardy’s ability to fill a critical gap in Egypt’s lending landscape.

Introducing Consumer Financing with Waseela

In a strategic move to diversify its offerings, Qardy has now partnered with Waseela, a consumer finance company licensed by Egypt’s Financial Regulatory Authority (FRA). This partnership enables the two companies to launch financing products tailored to the growing demand for home-finishing.

"We are excited to announce our partnership with Waseela to launch consumer finance options for home finishing," said Tamer El-Manasterly, Chief Operating Officer of Qardy. "This partnership marks a significant milestone for Qardy as we venture into consumer finance, empowering individuals to realize their dream homes."

A Milestone in Qardy’s Evolution

The partnership with Waseela signals Qardy’s expansion beyond MSMEs and into the consumer finance market. By offering accessible financial products for home-completion and redesigning, Qardy aims to empower more individuals with the financial tools to achieve their goals.

This collaboration highlights Qardy’s ongoing mission to streamline financial access across different sectors, providing innovative solutions to both businesses and consumers in Egypt.