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Cassbana‏ raises$1 million in a round lead by Distruptech

11 months 2 weeks ago

Casbana for Tech solutions announced, in a statement published in Almaal Newspaper, getting more than 1$ million investments in a funding round led by Disruptech, other fintech funds, and some investors.

Casbana focuses on developing technology solutions and advanced data services that enable companies and service providers to create a financial identity for customers using artificial intelligence technologies, especially those who do not benefit from banking services in the Egyptian market. It relies on several technologies for data extraction and analysis. This allows companies to better provide solutions to customers, and to predict their needs and financial convenience for those transactions.

“We aim to create financial identities for those dealing with our organizations and service providers, enabling them to access financial services for growing their business or facing unexpected risks. Without these financial identities, many people will suffer from uncomfortable and expensive options to get financial services, and some might have no options at all.” Haytham Nassar, Casbana Founder & CEO.

“The company launched its app on a trial basis last June, with only one service provider in Cairo. After 6 months, we have more than 20 service providers in Cairo, Delta, and Canal region. We are going to extend our services to upper Egypt this month. preliminary numbers reveal that the volume of the customers’ business dealing with our service providers may triple because they have access to financial services that helped them develop their projects based on Casbana solutions” added Nassar.

“It’s our pleasure to lead this investment round in Casbana life Cycle” Mohamed Okasha, head of the Distruptech Capital Technology Investment Fund.

The Egyptian market is considered one of the biggest markets that invest in Fintech companies. Distruptech Fund focuses on helping companies to move forward to achieving double returns.

" We felt that Kasana was keen to grow its business and expand its operations in The local market as well as its strategic vision regionally and globally. This helped us to attract investments in the company's first round” added Okasha.

For more than 10 years, Haytham held several positions in the communication and Internet Technology sector, then he switched to startups. He joined Careem in 2016 where he held many positions including Head of the Planning sector and the General director of Operations.

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