Kashat, an Egyptian microloan fintech startup has raised equity funding from The Cairo Angels, which is an Egyptian based angel investor. Kashat was established by Sumair Farooqui and Karim Nour and offers short-term loans ranging from 100 to 1500 Egyptian pounds with a repayment profile of up to 61 days. To date, Kashat has received 274,549 app downloads and 68,858 loan requests.
The Cairo Angels is Egypt’s first formal angel investment network investing in early-stage startups in Egypt and across the Middle East and North Africa region. The organization was established in 2012 and convenes regular investment meetings to review pre-selected potential investees that meet the Cairo Angels investment criteria. The stake acquired or the amount invested in Kashat was not disclosed.