In a landmark development for Egypt's fintech sector, Qardy, the country's first digital lending marketplace for MSMEs, has successfully closed a seven-figure pre-seed funding round. This investment marks a pivotal moment in the company's journey to transform financial access for micro, small, and medium enterprises across the Middle East and North Africa region.

The Funding Round

The pre-seed round saw participation from notable investors, including Sanabil Investments, 500 Global, White Field Ventures, and Vastly Valuable Ventures, alongside several angel investors. While the exact figure remains undisclosed, the substantial investment underscores the confidence in Qardy's innovative approach to bridging the financing gap for MSMEs.

Qardy's Rapid Growth

Since its inception in July 2022, Qardy has experienced remarkable growth. The platform has attracted over 6,000 corporate clients and facilitated loan transactions exceeding 550 million Egyptian pounds (approximately $12 million). This rapid expansion demonstrates the pressing need for Qardy's services in the Egyptian market.

Innovative Lending Solutions

Qardy's platform stands out for its ability to connect MSMEs with a diverse network of financial institutions. By partnering with national and commercial banks, leasing companies, factoring firms, and microfinance organizations, Qardy offers a wide array of tailored financial programs. These solutions are designed to support MSMEs with both working capital and capital expansion needs.

Investor Perspectives

Kapil Agrawal, Managing Director of White Field Ventures, expressed enthusiasm for Qardy's potential, highlighting the company's strong execution capabilities and customer-centric approach. Similarly, Amal Dokhan, Managing Partner at 500 Global, emphasized their confidence in Qardy's mission to democratize access to financial services.

Expansion Plans

With this new influx of capital, Qardy is poised for significant expansion. The company plans to enhance its service offerings, improve its technological infrastructure, and accelerate its growth into new markets, with a particular focus on Saudi Arabia and other countries in the MENA region.

Leadership Insights

Tamer El-Manasterly, COO of Qardy, expressed gratitude for the investor support, stating that the funding will play a crucial role in driving the company's growth and expanding its market impact. The leadership team's vision for Qardy includes not only geographical expansion but also a commitment to continually improving their digital lending services.

Market Impact

Qardy's success highlights the growing importance of fintech solutions in addressing the financial needs of MSMEs in Egypt and the broader MENA region. By providing a fully digital experience and partnering with established financial institutions, Qardy is helping to reduce the debt financing gap that has long challenged smaller businesses.

As Qardy embarks on this new chapter, backed by significant pre-seed funding, the company is well-positioned to drive innovation in the MSME lending space. Its rapid growth and ambitious expansion plans signal a promising future for both Qardy and the broader ecosystem of small and medium enterprises in Egypt and beyond. The success of this funding round not only validates Qardy's business model but also highlights the increasing investor interest in fintech solutions tailored to the unique needs of emerging markets.