Consumer finance firm Qasatly aims to attract $2m investments during 2022, in order to expand the company’s business and hit 50,000 users mark within a year of financing, says Murad Al-Ashry, CEO and Founder of Qasatly, pointing out that they have already met investors from inside and outside Egypt in this regard.
The novel coronavirus (COVID-19) pandemic contributed to the spread of the idea of the application with the age of users, adding that the size of the increase in the financial technology sector amounted to almost 300% during the pandemic period.
Al-Ashry revealed that Qasatly is the first digital platform that provides consumer finance services based on artificial intelligence, which provides a quick and safe assessment of risks and facilitates instalment procedures.
The platform requires a low credit limit that ranges from EGP 200 to EGP 1,500 and does not need guarantees. The borrowing process takes place online without the need to submit papers. Qasatly targets non-bank customers, especially the youth, and rural regions and villages.
The founder of the application said that he conducted a thorough study of the market during this year, and was able to build a strong customer base, and it also provides instalment services to its users through 67 merchants of different brands.
He pointed out that the company has attracted 6,000 users since its debut in the Egyptian market in April 2020, providing total loans of EGP 1.5m.
Qasatly aims to expand to Morocco, Kenya, and Turkey during the next two years.
