E-commerce platform Wasla has raised $9 million from Contact Financial Holding, formerly Sarwa Capital. With the tie-up, Contact will support Wasla’s product rollout and regional expansion with a series of investments totaling up to $9 million to realise Wasla’s mission to enable e-commerce, payments and credit for large audiences in emerging markets.
Contact is Egypt’s largest consumer finance platform, transforming the way people access finance since 2001. Being the first financial services platform to introduce advanced credit scoring and collection mechanisms in Egypt, this strategic investment adds to Contact’s growing footprint in fintech, and especially e-commerce, allowing Contact to engage consumers at the beginning of their e-commerce journey while they search, discover, and shop online.
This investment reinforces Contacts' quest to enable tech-first ventures in Egypt's financing ecosystem. Focused on optimizing the end-to-end online shopping experience, Wasla is the first emerging markets mobile web browser and desktop extension that helps users save money, pay securely, build their credit profiles and gain access to flexible and convenient financing. Currently, Waslais focuses on optimising the e-commerce search and discovery experience, by helping users save money online through aggregating deals, for a network of over 100, local and regional, e-commerce merchants (similar to US startup Honey, which sold to PayPal in 2019 for $4 billion).
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