Dayra Secures $3 Million in A Pre-Seed Round

Egypt-based FineTech Solutions Dayra raised $3 million capital investment from Tanmiya Capital Ventures, EFG EV for Fintech, EFG Hermes, and Y Combinator, as well as multiple prominent angel investors. This investment came after Dayra’s joining Y Combinator’s (YC) Winter 21 group.

Dayra provides financial services to the non-banking sector in Egypt, especially temporary workers such as delivery workers, truck drivers, freelancers, as well as small business owners such as kiosks, small shops, restaurants, and craftsmen. Launched by Omar Ekram last year, Dayra enables its users to access various financial products such as virtual bank accounts, pre - paid cards and credit services.

Since its launch, Dayra has been able to achieve more than 50% of the monthly growth rate. It helped thousands of individuals without bank accounts to access their financial incomes early, processing tens of thousands of transactions worth millions of dollars. The startup also provides short to long-term loans ranging from $100 to $1,500, with an average loan value of $500.

“We are thrilled to be part of YC’s W21 batch and to close our pre-seed round. This is a key milestone in realizing our vision of providing the most accessible financial services solution in MENA, and delivering digital financial services to millions of financially excluded individuals, leveraging on our strategic partnership with EFG Hermes.” Omar Ekram, Founder and CEO of Dayra.

Ekram mentioned that the company plans to use the funding to develop and expand its teamwork and improve its services.

In the same context, Walid Hasouna, CEO of the NBFI platform at EFG Hermes, explained that Hermes Financial Group steered the company’s venture capital through FG EV Fintech, and also provided financing facilities for several million through its discount and leasing tools EFG Hermes CorpSolution.

“We believe that Dayra has the necessary tools to make the impact we hope to see on the market, and we are very proud to help them” added Walid Hasouna.

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