This funding will accelerate the startup's product development and customer acquisition in Egypt, according to a press release on Monday.

An angel investor provides initial seed money for startup businesses, usually in exchange for ownership equity in the company.

Flash has obtained approval from the Central Bank of Egypt in partnership with Banque Misr to operate as a technical payment aggregator.

A payment aggregator is a company that collects payment information from merchants and routes those payments to the appropriate banking and credit card networks.

Flash provides cashless payment solutions for consumers and businesses through a scan-and-pay service on its app.

Around 80 percent of goods purchased online in Egypt are paid cash-on-delivery, partly because many businesses do not offer point-of-sale options on delivery, Flash said, citing a study by market research agency Mordor Intelligence.

Flash was founded in 2021 by Uber alumni Erik Gordon and Sherine Kabesh.

Fintech in Egypt
 

On 12 July, Egypt's Financial Regulatory Authority (FRA) issued new regulations for the use of financial technology (fintech) in the non-banking financial sector, according to an official statement on Wednesday.

Recently, Egypt has taken major steps to encourage investments and entrepreneurship, guarantying equal treatment between public and private sectors, supporting the investment climate, and developing legislation for startups. 

A recent report by FINTECH Global revealed that fintech investments in Egypt reached $259 million in 2022, a 12.6 percent increase over the previous year.

Egypt's financial inclusion rates have improved between 2016 and 2022 by 147 percent, according to figures released by the Central Bank of Egypt.