Flash, an Egyptian startup specializing in cashless transactions through QR codes, has successfully secured $6 million in seed funding.
The funding round was led by Addition, with participation from Flourish Ventures and various business angels. This capital will be utilized to enhance the startup’s product development and accelerate customer and business acquisition efforts in Egypt.
Founded in 2021 by former Uber employees Erik Gordon and Sherine Kabesh, Flash has received approval from the Central Bank of Egypt in collaboration with Banque Misr, allowing it to function as a technical payment aggregator.
Flash’s payment application enables consumers to make purchases using their smartphones. Users can link any existing bank card or digital wallet within the app, and then simply scan a QR code provided by a business, whether in-store or during delivery.
The company is also exploring the package delivery sector with its ‘Flash on Delivery’ service, which allows businesses to collect payments upon delivery at the customer’s doorstep. According to Mordor Intelligence, approximately 80% of goods purchased online in Egypt are paid for in cash on delivery. Current business customers for Flash on Delivery include Homzmart, Rabbit Mart, and Mori Sushi.
Co-founder Erik Gordon states, “Our mobile application removes the transactional challenges for businesses seeking a simpler alternative to traditional POS systems. Our aim is to make payments easier, safer, and faster for everyone.”