Cairo-based startup, Sahl, has raised $6 million in Series A and seed funding accelerating its development as a one-stop shop for household bills in collaboration with government entities.
The funding comes on the back of a regional launch in the UAE with plans to use it to drive expansion into Saudia Arabia and strengthening the company’s position in Egypt. Ayady for Investment and Development, a leading Egyptian investment firm with a strong track record in supporting innovative startups, led the Series A round, joining existing investors Egypt Pay, Delta Electronic Systems, and E-Finance on the cap table.
Sahl is aiming to become a dominant player in facilitating digital payment transactions within Egypt’s booming EGP 2.5 trillion digital payments sector. A key part of this strategy involves capturing a significant portion of collections on behalf of utility companies, a segment representing a sizeable EGP 250 billion annually.
Notably, it is one of the few Egyptian companies directly integrating with several government entities. This allows users to conveniently access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas and Cable Network Egypt for TV subscriptions, among others.
Abdullah Assal, CEO of Sahl, said: “At Sahl, we are committed to addressing the challenges faced by consumers in utility payments, starting with electricity and expanding to water, gas, telecom, and various other essential services. Our innovative use of NFC technology eliminates the need for consumers to leave their homes to charge prepaid cards, saving valuable time and effort.”
Recently, Sahl has been expanding its reach beyond direct-to-consumer (B2C) functionalities by catering to the business-to-business (B2B) sector through two distinct product lines. The Services Gateway functions as a central hub, aggregating bill payment services for other payment processors, digital applications, and various enterprises, fostering a more interconnected financial ecosystem. The Acceptance solution empowers businesses to seamlessly accept online payments, further streamlining financial transactions.
Users of the Sahl app can access several bill payment services for consumers with a focu on essential utilities. This includes electricity, water, and gas, along with telecommunications top-ups, tuition fees, television subscriptions, and donations, reportedly saving the user around 30 minutes on each transaction.
